Morning Minute: Bitcoin Gets Spooked as ‘Uptober’ Lets Down
Summary
Bitcoin fell about 7% from last week’s high near $87,000 to $81,000 before rebounding to around $83,000, leaving it down 3.2% for the week. Fear & Greed dropped to 56, while major altcoins lost 8%–12%. Prediction markets lowered the odds of Bitcoin reaching $87,500 this month and raised the chances of a dip to $80,000. Analysts largely attribute the weakness to macroeconomic pressures, though some argue rising yields tied to U.S. debt concerns could bolster Bitcoin as an alternative to government money. U.S. CPI data due Wednesday is the next key catalyst: cooler inflation could support risk assets, while a hot reading may revive rate-hike fears.
