Bitcoin’s Halloween Dip Sparks Rebound and Bullish Setup

Bitcoin fell to $106,200 right before Halloween, dropping nearly 5% in hours, then quickly rebounded about 4% above $108,700. Traders say the move looks like a shakeout that reset sentiment, not random volatility.

Momentum signals back that view. The RSI showed a bullish divergence as price made a lower low, and charts now point to an inverse head-and-shoulders pattern building. A daily close above the $116,400 neckline would confirm a breakout.

On-chain data also turned supportive. NUPL slipped to 0.483, a six-month low that often marks weak hands exiting while long-term holders stay put. The next test is the $111,000–$111,400 supply zone, where about 172,700 BTC last changed hands. Clearing it would strengthen the rebound case.

If bulls win that fight and break the neckline, analysts eye a target near $130,800, with a checkpoint around $125,900. A drop back below $106,200 would invalidate the setup and risks a move toward $103,500.

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