Bitcoin (BTC) experienced substantial volatility on Tuesday, oscillating between a low of $80,948 and a high of $84,065 before closing at $83,094, up 1.65%. The flagship cryptocurrency is marginally up in the ongoing session, but momentum remains weak as it looks to retest $84,000.
Meanwhile, Bitcoin ETFs bounced back on Tuesday, recording $175.70 million in inflows. ETFs recorded sustained outflows last week, with investors pulling $484.90 million last Wednesday and $244.10 million on Thursday.
Bitcoin (BTC) Rebound Stalls
Bitcoin (BTC) has experienced substantial volatility over the past few days. The flagship cryptocurrency traded above $86,000 during the first week of October but lost momentum thanks to a combination of broader macroeconomic pressure, leveraged liquidations, and ETF outflows. BTC started the previous week at $86,490 before dropping 0.87% to $85,756, declining marginally by 0.24% on Tuesday (October 6) after reaching an intraday high of $86,677.
Selling pressure intensified on Wednesday as the price fell 2.66%, slipping below $85,000 to $83,275. Sellers dragged BTC to a low of $80,308 on Thursday before buyers stepped in, and the price ultimately settled at $81,676, dropping 1.92%.
Price action recovered on Friday and remained positive over the weekend as BTC reclaimed $83,000 and ended Sunday at $83,679. However, selling pressure returned on Monday and BTC fell 2.31% to $81,746. BTC faced substantial volatility on Tuesday (October 13), falling to a low of $80,948 and reaching an intraday high of $84,065 before closing at $83,094, up 1.65%. The recovery was partly attributed to strong ETF inflows of $175.70 million. The flagship cryptocurrency is up 0.77% during the ongoing session, trading around $83,738.
TradingView data suggests BTC has stalled below the 20-day average. The upper Bollinger Band is at $86,366, while the lower band sits around $81,606. BTC is trading closer to its lower band rather than the upper one. The MACD also suggests ongoing bearishness.
$84,000 In Focus
Bitcoin’s (BTC) latest attempt to push above $84,000 stalled yet again as sellers pushed the price towards $80,000. However, buyers helped lift BTC above $83,000 following the rejection. A move above $84,000 could bring $86,000 into focus, a level where BTC traded before its October downturn. On the other hand, selling pressure could push the price back towards $80,000.
Sweep, a popular analyst and market commentator on X, posted that large BTC holders accounted for the bulk of spot trading volume. Sweep used CryptoQuant’s average order-size chart to highlight the change over the past few weeks, with retail traders gradually giving way to whales.
“Big whales are dominating the $BTC spot volume again. In the last 3 weeks, retail was participating while whales were sitting on the sidelines. But now it has changed. I guess another leg up could happen soon now.”
Meanwhile, CoinGlass’s liquidation heatmap shows liquidity clusters forming between $84,000 and $85,000. Liquidation clusters below BTC’s current price are between $82,300 and $83,000.
Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.
This article was originally published as Bitcoin (BTC) Rebounds, But $84,000 A Bridge Too Far For Now on Crypto Breaking News – your trusted source for crypto news, Bitcoin news, and blockchain updates.
Disclaimer: The market is risky, and investment needs to be cautious. This article does not constitute investment advice. Users should consider whether any opinions, views, or conclusions in this article are in line with their specific circumstances. Investment based on this is at their own risk.