Bitcoin is currently trading near $82,400, marking a 1.5% decline over 24 hours. For the past three weeks, the asset has largely fluctuated between $82,000 and $87,000. Russell Thompson, CIO at Hilbert Group, suggests buying on dips, identifying initial support at $80,000 to $81,000 and trend line support near $77,000.
US spot Bitcoin ETFs saw net inflows of approximately $2.33 billion between September 21 and September 30. However, the trend reversed in October, with net outflows of about $386.3 million recorded through October 9. Last week alone saw $678.9 million in net redemptions, despite a minor inflow of $21.1 million on Friday.
Market volatility has led to significant liquidations. On October 8, marketwide liquidations reached $1.12 billion, with Bitcoin accounting for $286 million. Previously, on September 21, short liquidations totaled nearly $919 million, while September 29 saw $500 million in leveraged positions liquidated.
Macroeconomic factors, including the Middle East conflict and rising Brent crude prices above $102 per barrel, continue to influence market sentiment. Thompson notes that persistent energy price pressure complicates the inflation outlook and Federal Reserve policy, making a breakout above $87,000 necessary to signal a new trend.
