Bitcoin climbed 2.24% to $83,591.79 on Tuesday after dipping to $80,953.41 in early trading, a low that held roughly $588 above the $80,365.12 swing that started its latest bounce—the kind of higher low traders want to see in an uptrend.

The rebound follows a rocky week in which traders swapped "Uptober" memes for "spooky szn" ones after Bitcoin cut its September gains in half. The Bitcoin price slide early Tuesday extended a Monday sell-off before buyers reversed the move.

Sentiment has cooled without tipping into panic. The Crypto Fear and Greed Index, a 0-to-100 gauge built from momentum, volatility, options positioning and social data, fell to 53 from an "extreme greed" reading of 82 on Aug. 26, as Decrypt reported. It reads 56 today, a neutral score. What it boils down to: the August euphoria is gone, but traders aren't panicking either.

Positioning flows remain a headwind. Bitcoin ETFs are down a net $386.3 million in October, and outflows force funds to sell actual Bitcoin. The next test arrives Wednesday, when the Consumer Price Index report is expected to show annual inflation rising to 3.6% from 3.4%. A hotter print would boost rate-hike bets and likely pressure Bitcoin. The Federal Reserve meets Oct. 27-28.

On Myriad, a prediction market developed by Decrypt's parent company Dastan, traders give 54% odds that Bitcoin falls to $80,000 this month, down from 56% on Monday, while the BTC highs in October market holds at 45% for $87,500. A separate market tracks Bitcoin's price on October 18 at 4 p.m. UTC. Overall, sentiment has improved today, even if slightly.

Bulls defend the golden zone

Bitcoin also reclaimed the Fibonacci "golden zone" between $81,847.57 and $82,305.50, an area where pullbacks within uptrends often draw buyers.

The Average Directional Index (ADX), which measures trend strength—readings above 25 confirm a trend—stands at 29.9 with buyers in control, but it was 42.8 on Oct. 7, meaning the uptrend is coasting rather than accelerating. The 50-day exponential moving average has stayed above the 200-day, a golden cross traders read as an intact long-term uptrend.

The Relative Strength Index, a 0-to-100 momentum gauge, sits at 53.4, just above the 50 line that separates bullish from bearish momentum. The Squeeze Momentum Indicator has been on for seven sessions, meaning volatility is compressed like a coiled spring, and its -0.52 reading leans slightly bearish.

On the upside, a daily close above $84,245. would open $86,644.19, then the $87,422.70 high—about $77 shy of Myriad's $87,500 line. On the downside, losing $81,603.02 would bring the daily trend band's upper edge into play just above $80,000, and a close below it would expose $77,500.

Until Wednesday's CPI print, the active squeeze points to a market that is winding up rather than picking a direction. Oil and Iran headlines, Treasury yields, and daily ETF flows remain the short-term catalysts to track.

Disclaimer: The views and opinions expressed by the author are for informational purposes only and do not constitute financial, investment, or other advice.

Originally reported by Decrypt.