Last week's analysis warned that Bitcoin(BTC) was approaching the $87,000 area, but that there was a high probability of a correction toward $80,000 before another attempt to break through hi
Last week's analysis warned that Bitcoin(BTC) was approaching the $87,000 area, but that there was a high probability of a correction toward $80,000 before another attempt to break through higher resistance levels.
For that reason, after the previous bullish move, we positioned in the opposite direction, opening a short position around $86,000 with a clear target at $80,000.
The market went on to make precisely that move. Bitcoin corrected to $80,000, approaching the 50-day exponential moving average (EMA 50), an important technical area within the current structure.
Once the target was reached, the entire short position was closed, the profits were secured, and that same price level was used to increase spot Bitcoin holdings.
The main scenario remains bullish. Despite the recent correction, Bitcoin continues to show an upward trend structure on the daily timeframe, as the chart illustrates.
Another attempt by Bitcoin to break through resistance between $87,000 and $88,000 is seen as quite possible.
If Bitcoin manages to break that zone and consolidate above it, the next target under watch is the $92,000–$94,000 area.
The key will be how price behaves when it returns to $86,000–$89,000. This time, accumulation and buying demand are expected rather than distribution, allowing a former resistance area to turn into support.
BTC/USD daily chart (TradingView, supplied chart).
Also Read:GPT-6.1 Sol Helped Cut Asana's Agent Costs 76 Times, But Here's The Catch
Bitcoin ETF flows are another factor worth monitoring. Although late September included several sessions of positive inflows, October has also brought significant outflows.
On 7 and 8 October in particular, net outflows were approximately $484.9 million and $244.1 million, respectively.
These moves show that institutional demand has not been consistent and that some selling pressure remains. However, it is important to assess these figures alongside Bitcoin's technical price structure rather than treating two negative sessions as automatic confirmation of a trend reversal.
Bitcoin ETF flows (US$ millions; supplied data).
The anticipated correction toward $80,000 has now taken place. The move was used both to close the bearish trade and to increase exposure to Bitcoin.
The focus now turns to $87,000–$88,000. A breakout supported by demand, followed by consolidation above that area, would strengthen the bullish continuation scenario toward $92,000–$94,000.
For now, this decline is still viewed as a correction within an uptrend, not the beginning of a new bear market.
Read Next:French Crypto Holders Could Owe Up To 10,000 Euros For Unreported Wallets
