The total cryptocurrency market capitalization reached $2,89 trillion on Friday, marking a 2,1% increase. This recovery follows a period where the market valuation exceeded $3 trillion just one week prior. Despite the rebound, the Fear and Greed Index has shifted to a neutral reading of 56, down from 71 on October 2.
Institutional outflows remain significant, with Bitcoin ETFs recording losses of $484,9 million on Wednesday and $244 million on Thursday. Bitcoin is currently trading near $82 837, showing a daily gain of 1,38% after hitting a low of $80 427 on Thursday. The daily price range has fluctuated between $81 553 and $83 443.
Market participants maintain a cautious outlook. Data from the prediction market Myriad indicates a 67% probability that Bitcoin will hit or drop below $80 000 during October. Meanwhile, a separate weekly forecast suggests a 49% chance that the asset will close the week above $87 500, reflecting expectations of continued price compression.
Technical indicators show mixed signals. The Average Directional Index stands at 37,9, while the Relative Strength Index is at 51,2. Luke Deans of Bitwise Europe notes that the $83 000 level serves as a critical test for the current bounce, with the September high of $87 354,33 acting as the primary resistance level for bulls.
