Bitcoin price rebounded to $83 591.79 after dropping to $80 953.41 earlier on Tuesday. The Crypto Fear and Greed Index currently stands at 56, indicating a neutral market sentiment compared to the extreme greed reading of 82 recorded on August 26.
Net outflows from Bitcoin ETFs reached $386.3 million in October, prompting funds to sell underlying assets. Market participants are now awaiting the Consumer Price Index report scheduled for Wednesday, which is expected to show annual inflation rising from 3.4% to 3.6%.
On the Myriad prediction market, traders assign a 54% probability to Bitcoin falling to $80 000 this month. Meanwhile, the probability of the asset reaching $87 500 in October is currently estimated at 45%.
Technical indicators show the Average Directional Index at 29.9, down from 42.8 on October 7. The Relative Strength Index is at 53.4, while the 50-day exponential moving average remains above the 200-day average, maintaining a golden cross formation.
