Bitcoin has experienced a decline in October, trading slightly below $83 000 after hitting lows of $80 427 over the past week. Data indicates a 4.1% drop in value during the last seven days. Analysts from Bitwise Europe and Charlie Quant Lab identify key support levels at $77 000 and $74 000, with the 200-day moving average positioned at $72 000.
Market activity is currently hindered by low spot demand. U.S. spot Bitcoin ETFs recorded inflows of $241.1 million for the week ending October 2, significantly lower than the $2.39 billion reported the previous week. On Wednesday, these ETFs saw outflows of $484.9 million, marking the largest single-day decline since June 25.
BlackRock's IBIT fund reported outflows of $207.7 million, while Fidelity's FBTC saw $105.1 million in outflows. Analysts from Bitfinex suggest that the current consolidation range for Bitcoin lies between $84 000 and its yearly opening price of $87 722, noting that future price action may depend on upcoming macroeconomic data and ETF flow trends.
Despite historical trends showing a median October return of approximately 14% for Bitcoin since 2013, experts caution against relying on seasonal performance. Market participants emphasize that liquidity, macroeconomic conditions, and underlying demand remain the primary drivers for price movement rather than historical calendar patterns.
