Bitcoin Eyes $83K as ‘Black Monday’ Prediction Fizzles: Market Watch

After dipping to $80,500 once again on Sunday, bitcoin has rebounded swiftly and tapped $83,000 earlier today for the first time since the CPI-induced nosedive in the middle of the previous week. Most altcoins are also up in the green today, defying expectations for a Black Monday as markets opened earlier. At least for now. No Black Monday? The CPI and PPI announcements on October 14 and 15 last week brought a new wave of concern in the markets that inflation is not going down, as both metrics exceeded expectations. Naturally, risk-on assets such as bitcoin felt the pressure. BTC dumped from over $84,000 to a monthly low of just under $80,000 in about 24 hours. It reacted well to this major leg down and jumped to $82,800.

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