Bitcoin plunged to $86,610 early Thursday — its lowest level in seven months — before rebounding sharply to $87,213, as extreme fear and macro uncertainty continue to shake crypto markets. The rebound comes after a volatile overnight session driven by strong tech earnings and fresh U.S. labor market data.Bitcoin Price: New 7-Month Low Then a Stabilizing ReboundBitcoin briefly traded above $92,000 overnight before a steep early-morning selloff dragged the price down to $86,610.The top cryptocurrency has since stabilized, trading at $87,213, up slightly from the session lows.Latest metrics:Current BTC price: $87,21324-hour low: $86,61024-hour change: −1%24-hour trading volume: $87 billionMarket cap: $1.78 trillion (−1% on the day)Circulating supply: 19,950,600 BTCFear & Greed Index: Extreme FearBitcoin is now 5% below its seven-day high of $92,944 and printing fresh seven-day and seven-month lows.Macro Backdrop: Strong Payrolls, Rising UnemploymentThe U.S. labor market showed unexpected strength in September as the Bureau of Labor Statistics released delayed jobs data after the government shutdown.Key numbers:+119,000 jobs added (vs. 50,000 expected)Unemployment rate: 4.4% (up from 4.3%)August: revised to a 4,000-job lossThis data set — normally released in early October — is the first official economic update in more than six weeks, with the next release expected in mid-December.The mixed results reinforced expectations that the Federal Reserve is unlikely to cut rates in December, maintaining pressure on risk assets.Markets Lifted Overnight by Nvidia’s Blockbuster EarningsBitcoin’s brief move above $92,000 came after Nvidia’s better-than-expected earnings eased investor concerns about an AI-market slowdown.Nvidia reported:$57 billion in revenueStrong Q4 guidanceSurging demand for AI infrastructureGlobal markets rallied:Nasdaq futures: +1.9%S&P 500 futures: +1%Asian equities: broadly higher10-year yield: 4.11%U.S. dollar: modest gainsAI-linked liquidity remains a key driver for crypto, and Nvidia’s results signaled robust tech-sector investment ahead.ETF Flows Show Signs of Recovery After $3B OutflowsBitcoin’s decline this month coincided with more than $3 billion in U.S. spot Bitcoin ETF outflows, which helped drag BTC toward the $87K region.On Wednesday, however, ETF flows turned positive:+$75 million inflows, per DefiLlamaThis helped support Bitcoin’s rebound back above $87,000.Bitcoin Price OutlookBitcoin closed last week at $94,290, decisively breaking below the $96,000 support level — a critical structural threshold for the 2025 bull cycle.Losing $96K marked a shift in sentiment, with bears regaining full control.Supports to Watch1. $83,000–$84,000 (major Fibonacci support)Aligned with the 0.382 retracement from the 2022 bottom to the 2025 high.2. $69,000–$72,000 (2024 consolidation range)If BTC breaks below $83K, this zone becomes the next likely landing area.Resistance AheadEven with the rebound:Immediate resistance: $94,000–$98,000Short-squeeze target: $101,000Major resistance band: $106,000–$109,000Macro resistance: $114,000–$116,000Analysts say a close above $116,000 would be required to flip market structure firmly bullish again.Sentiment Remains Extremely BearishBitcoin has fallen more than 25% from its October peak, with analysts noting the broadening wedge pattern still signals a bearish continuation unless BTC reclaims higher levels.Best-case scenario:A short rally to $106,000 before facing renewed selling pressure.Base-case scenario:A retest of the $83K–$84K support zone.Crypto markets remain heavily macro-driven, leaving Bitcoin vulnerable to further volatility.
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