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October, often dubbed 'Uptober' by crypto enthusiasts due to historically bullish trends, took a downturn as global markets, including crypto, felt the impact of escalating conflicts in the Middle East. Just when the outlook seemed bleak, Bitcoin defied the odds, staging an unexpected recovery that reignited hope in the market.

While some analysts predicted BTC would fall, the flagship cryptocurrency was able to defend its position and stay above the $60K mark while experiencing a spike in its prices. 

Bitcoin’s recent surge seems to have been affected by positive factors such as the non-farm payroll (NFP) numbers, which helped BTC to stay above the $60K support line, according to QCP Capital, a trading firm. 

The change in investors' attitude has also been attributed to the HBO Bitcoin documentary, which tried to reveal the real identity of Satoshi Nakamoto.

The hubbub caused by the Bitcoin-themed documentary attracted several mainstream attention to the crypto sector, as memecoins themed after Len Sassaman are also starting to gain traction.

Len Sassaman has become the talk of the town as the majority of crypto enthusiasts believe that he is the real Satoshi Nakamoto. 

Despite a challenging start last week, options flows indicate a bullish outlook for the fourth quarter, with buyers still showing interest in December 75k/95k call spreads. With potential rate cuts on the horizon and Bitcoin's strong correlation to equities, there’s optimism for a strong October.

However, all eyes are on the US Consumer Price Index (CPI) report scheduled for Thursday. Following recent strong wage and job numbers, the market is keen to see if this report shows any signs of rising inflation. 

Expectations for Federal Reserve rate cuts have shifted from 50 basis points to 25 basis points in just a week, and the upcoming data could influence whether further cuts are anticipated.

According to the data from CoinMarketCap, Bitcoin is priced at $62,435 after facing a 1.18% fall in 24 hours.