Bitcoin climbed to around $84,500, marking a weekly high.

On Oct. 21, blockchain media outlet Decrypt reported that bitcoin was trading around $84,500, up 2.5 percent over 24 hours. It said the cryptocurrency market capitalisation rose 2.2 percent to $2.9 trillion.

Altcoins also rose. Ether gained 2.5 percent to $2,504, Solana rose 2.2 percent to $108.18, and BNB added 2 percent to $749. Among major tokens, XRP rose 4.1 percent to $1.37, while Zcash (ZEC) surged 11.2 percent to around $1,332.

Overall market sentiment also eased somewhat. The crypto Fear and Greed Index rose 3 points from the previous day to 55, staying in the neutral zone. This is interpreted as a signal that investors have moved out of panic but have not yet begun actively buying.

The macro environment also eased some of the burden. Brent crude moved between $97 and $112 a barrel this month before trading near $108 on the day, and the U.S. 10-year Treasury yield also calmed somewhat. Rising oil prices stoke inflation worries, and price pressures then push Treasury yields higher again, tightening funding for risk assets.

Still, the interest-rate variable remains. The Federal Reserve's policy rate has held at 3.75 to 4 percent since a September hike. The market sees a high chance of a hold at the Oct. 28 meeting, but is pricing in a higher likelihood of an additional hike on Dec. 9. That has made it important whether this rebound leads to a trend reversal or remains a technical bounce under rate pressure.

Technically, regaining the $81,603 support level is key. Bitcoin fell below that level during an October pullback and then recovered it. The 50-day exponential moving average is around $80,782, and the 200-day exponential moving average is near $76,084. The relative strength index (RSI) stands at 58.5, favouring buyers but not in overbought territory.

In the near term, the key is whether it breaks above $84,726. If bitcoin forms a daily close above that level, $86,090 and the September high of $87,422.70 were presented as the next target zone. If it slips below $81,603, $80,782, $79,711 and $76,084 are cited in order as lower support levels. On prediction market Myriad, the probability of bitcoin reaching $87,500 within October was reflected at 31 percent, and the probability of reaching $90,000 at 18 percent.

This rebound is drawing attention because it confirms not only a price rise but also the recovery of the $81,603 support level and outperformance versus key moving averages. Still, with oil and interest-rate pressure remaining, further confirmation is needed on whether a technical rebound will turn into a trend reversal.