Bitcoin must maintain a price above $75,500 to preserve its current bullish market structure, according to Jesse Marre, senior portfolio manager at Hilbert Group. The cryptocurrency recently recorded five consecutive daily declines, losing 5.4% over the week and falling from near $84,800 to a weekend low of approximately $79,200.
Immediate support is identified between $78,500 and $79,500. A breach below the $75,500 threshold could signal a return to previous lower trading ranges. Conversely, reclaiming $81,400 would return the asset to its consolidation range, while surpassing $85,000 and $87,500 could facilitate a rally toward $95,000 to $98,000.
US spot Bitcoin ETFs recorded approximately $442 million in net inflows for the week, despite $635 million in outflows on Thursday. Hilbert Group’s global liquidity index currently stands at 3.06, with a weekly decline of 0.47 in its Z score, indicating tightening financial conditions and constrained market liquidity.
Market volatility has increased, with Deribit’s DVol index rising to 38. Five delta put options traded at 44% implied volatility, compared to 38% for call options, suggesting traders are hedging against further declines. Broader market pressure was also driven by a decline in tech stocks, with Nvidia falling 8% and Meta 9%, alongside fluctuating oil prices.
Investors are now focused on the Federal Reserve policy decision scheduled for October 28. Analysts expect interest rates to remain unchanged, though a hawkish outlook is anticipated due to persistent inflation. Market participants are also monitoring the next scheduled Fed decision on December 9.
