Bitcoin rose on Thursday, clawing back a sliver of this week’s heavy losses as dip-buyers tested support after the market slid into bear-market territory. The largest cryptocurrency gained 1.7% to $103,744 by 23:35 ET (04:35 GMT), after briefly sinking below $100,000 earlier in the week—its weakest level since mid-June and more than 20% off the early-October record, a textbook bear-market drawdown.

The rebound comes against a tense macro backdrop. Cooling expectations for a December Federal Reserve rate cut and a protracted U.S. government shutdown have dulled risk appetite, keeping rallies short-lived. Sentiment was further jarred by warnings of stretched valuations across risk assets: World Economic Forum President Børge Brende cautioned on Wednesday that bubbles may be forming in crypto, AI, and sovereign debt—remarks that echoed this week’s tech-led selloff and the cascading losses that spilled into digital assets.

October failed to deliver the crypto-folklore “Uptober” boost—Bitcoin fell roughly 5% last month, breaking a seven-year streak—while a sector-wide flash crash in early October erased about $500 billion in market value and left positioning fragile. Still, corporate prints showed pockets of resilience: Robinhood reported stronger-than-expected Q3 earnings on surging crypto trading volumes, with crypto revenue up 300% y/y to $268 million, even as it missed some forecasts. The broker also said CFO Jason Warnick will step down in Q1 2026, to be succeeded by company veteran Shiv Verma.

Broader tokens tracked Bitcoin’s bounce but remain bruised. Ether rose 3.7% to $3,450, XRP gained 5.1%, Solana added 3.2%, and Cardano and BNB advanced 1.5%–2%. Among memes, Dogecoin ticked up 1.2%, while $TRUMP rallied nearly 16% without a clear catalyst.

Outlook: With policy uncertainty high and liquidity patchy, Bitcoin’s near-term path hinges on rates pricing and cross-asset volatility. Until rate-cut odds firm or macro clouds clear, rebounds are likely to face supply into overhead resistance, leaving the tape headline-driven and tactical.