Bitcoin charges into October: $87K tested, $95K beckons

Bitcoin BTCUSD entered October on a strong footing, as the coin started the month near ~$83K and touched ~$87K within a few days, while its 3-month performance surged roughly 33.23%.

According to Bitcoin's 3-month price chart, the rally has shifted into consolidation near the highs, leaving the setup bullish but short-term momentum less convincing.

The coin had last tested the $87K area in late September, making October's retest notable.

Technically, an RSI around 41 and a MACD indicator below its signal and zero areas suggest momentum has cooled.

That leaves a simple technical picture: a strong 3-month uptrend but no confirmed breakout yet; however, there's more to the story.

Fundamentals that support the positive view

Bitcoin treasury activity continues to strengthen the backdrop:

• Strategy (MSTR) bought 334 BTC for $28.7M in early October while estimating a $20.9B digital-asset gain for the third quarter. 
• Metaplanet MTPLF also lifted its holdings to 44K BTC after a 1K BTC net increase in the third quarter while targeting 85%-90% of assets in Bitcoin.
• According to the Coinglass data, Bitcoin ETF flows are another positive signal, with $164.22M of net inflows over one day and $226.41M over seven days.