The brain is inherently multiscalar in both space and time. We argue that this multiscalar nature is reflected in the blood oxygenation level dependent (BOLD) fluctuations used to map functional connectivity. We present evidence that global fluctuations in activity, quasiperiodic spatiotemporal patterns, and aperiodic time-varying activity coexist within the BOLD signal. These processes can be separated using careful analysis and appear to reflect electrical activity on similar scales, suggesting that the BOLD signal fluctuations can provide novel insight into the functional architecture of the brain.