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

ARB and RAY has rocketed the most over the past day, while TIA and STRK have posted the biggest losses. 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. However, it was rejected again on Friday alongside most financial markets and dipped below $81,000 again. The weekend was somewhat strange in terms of price action. Instead of the usual dull movement, there was a flash crash on Saturday evening, which intensified the calls for a Black Monday, as it happened 39 years ago. Analysts were predicting another massive...