Key takeaways Bitcoin rebounds toward $78,000 after October's sharp selloff Spot Bitcoin ETFs lose $643 million in one session BTC must reclaim $80,000 to strengthen its recovery Bitcoin is a
Bitcoin is attempting to stabilize near $78,000 on November 1 after a turbulent October that pushed the world's largest cryptocurrency below $77,000 and erased much of its recent recovery.
BTC traded around $78,017, gaining approximately 0.7% over 24 hours after recovering from Friday's low near $76,314. However, the rebound comes as institutional demand weakens, with U.S. spot Bitcoin ETFs recording $643.2 million in net outflows on October 30.
According to Farside-tracked ETF data, BlackRock's IBIT accounted for $233.7 million in withdrawals, while Fidelity's FBTC lost another $201 million. The figures raise questions about whether Bitcoin can sustain a recovery without renewed institutional buying.
Bitcoin Price Recovers, but ETF Selling Remains a ConcernBitcoin's modest weekend rebound follows a sharp decline that briefly sent prices below $77,000 as cryptocurrency markets reacted to the reported Binance security breach and widespread leveraged liquidations.
The selloff followed an earlier Bitcoin support breakdown, when more than $1.5 billion in crypto derivatives positions were reportedly liquidated across the market.
Despite recovering above $78,000, Bitcoin remains below the psychologically important $80,000 threshold, which had repeatedly acted as a significant trading level throughout October.
Institutional positioning adds another complication. Bitcoin ETFs ended October with approximately $516 million in net withdrawals, reversing September's roughly $2.65 billion in inflows.
However, investors had shown renewed interest earlier in the week. The funds attracted more than $420 million between October 26 and 29 before Friday's withdrawals erased those gains.
This divergence resembles previous periods of ETF volatility, when strong buying sessions failed to produce sustained price recoveries.
Bitcoin Price Prediction: Can BTC Break Above $80,000?Bitcoin's immediate challenge is reclaiming $78,500, followed by the $80,000 psychological level. A sustained recovery above both would strengthen the case for a move toward $82,000–$83,000.
The $83,000 region previously acted as an important resistance area, making it a useful reference point if buyers regain momentum.
A more substantial recovery could eventually bring $85,000 into focus, although that scenario would likely require stronger trading volume and improving ETF flows.
On the downside, $77,000 remains the first area to watch, followed by the October 30 low around $76,300.
Earlier Bitfinex analysis had identified $77,000–$77,765 as an important support region. Its breakdown during Friday's selloff demonstrated how quickly leveraged selling can overwhelm buying interest.
If Bitcoin closes decisively below $76,000, the $75,000 psychological level becomes the next downside reference, with deeper weakness potentially exposing the $73,000 region highlighted in previous institutional research.
What Could Drive Bitcoin's Next Move?Bitcoin's November outlook will depend partly on whether institutional investors return when U.S. markets reopen on Monday, November 2.
The Federal Reserve's decision to maintain interest rates at 3.75%–4.00% has also kept borrowing costs and Treasury yields in focus, extending the macroeconomic uncertainty that previously challenged Bitcoin's $80,000 support.
Longer-term investors remain divided. Citigroup previously outlined a $113,000 Bitcoin target, although that forecast depends on institutional adoption and improving market conditions rather than the current rebound alone.
