Bitcoin price dropped by 2.67% over the last 24 hours to $81,125, erasing nearly half of its September gains. The daily candle opened at $83,310.16 and reached a high of $83,475.78 before falling to lows near $81,337. The asset is currently trading approximately 5.6% below its September 21 peak of $87,354.33.
Technical indicators show a cooling trend. The daily Average Directional Index stands at 40.7, down from 42.8. The Relative Strength Index fell to 45.8 from 52.5, dropping below the neutral 50-point threshold. Despite this, the 50-day exponential moving average remains above the 200-day EMA, suggesting a long-term uptrend is still intact.
Institutional flows saw a significant reversal as spot Bitcoin ETFs recorded outflows of $484.9 million on October 7, the largest single-day loss since June. This session offset 81% of the $595.3 million inflow accumulated over the previous nine days, bringing the 10-day net inflow to $110.4 million. Cumulative net inflows remain at $57.8 billion.
Market volatility led to $429 million in liquidations over 24 hours, with 87.5% of these being long positions. Bitcoin accounted for $135.51 million of these liquidations, while Ethereum saw $96.14 million. Macroeconomic factors, including rising Treasury yields and Federal Reserve interest rate policy, continue to influence the current price action.
