Bitcoin traded near $84,000 on October 12, recovering from a recent decline as U.S. spot Bitcoin ETFs reported around $680 million in net withdrawals. The move comes after Bitcoin dropped tow
Bitcoin traded near $84,000 on October 12, recovering from a recent decline as U.S. spot Bitcoin ETFs reported around $680 million in net withdrawals. The move comes after Bitcoin dropped toward $81,000 last week but has shown resilience despite heavy ETF outflows.
Data from ETF flow trackers show that between October 5 and 9, U.S. spot Bitcoin ETFs recorded approximately $680 million in net withdrawals. This string of outflows followed a particularly sharp selloff earlier in the month, when Bitcoin ETFs lost $244.1 million on October 8 alone.
The outflows have raised questions about institutional risk appetite in the short term. Even so, Bitcoin’s bounce back toward $84,000 indicates that spot market demand has helped absorb some of the selling pressure coming from these investment vehicles.
U.S. spot Bitcoin ETFs faced $680 million in net withdrawals from October 5 to 9, but Bitcoin managed to recover from last week’s low near $81,000 as buyers stepped back into the market.
Derivatives markets underline a cautious stance among traders. Despite recent price improvement, data suggest many participants remain wary, positioning conservatively as new macroeconomic data approaches.
Bitcoin faces a technical barrier near $85,000, with subsequent resistance forecast between $87,000 and $90,000. A decisive breakout above $85,000, particularly if supported by higher trading volumes and renewed ETF inflows, could pave the way for a retest of the $90,000 zone.
QCP Capital, a digital asset trading firm, previously cited the $80,000–$82,000 band as an important buying zone and suggested Bitcoin could trade in a range extending toward $90,000 through the fourth quarter.
Market analysis from CryptoQuant indicated on October 12 that bottoming signals are gradually improving, but not yet decisive. The report highlighted the importance of improvements in spot buying interest and sustained ETF inflows to confirm a more bullish reversal. XWIN Japan, an analyst at the firm, emphasized that these additional signals are needed for confirmation of a longer-term uptrend.
In the absence of clear institutional accumulation and ETF inflow support, analysts warn that a failure to break above $85,000 could trigger another pullback. In this scenario, focus would likely shift back to the $82,000 and $80,000 levels.
The latest price action and ETF flow data arrive as traders await the upcoming U.S. inflation report, a key macroeconomic announcement that could influence Bitcoin’s direction in the coming days.
Mini dictionary: QCP Capital is a Singapore-based digital asset trading firm known for its research and active participation in cryptocurrency derivatives markets. CryptoQuant is a blockchain analytics company providing on-chain data and market intelligence for digital assets.
Period ETF Outflow Bitcoin Price Oct 5–9 $680 million $81,000–$84,000 Oct 8 $244.1 million N/AThe post Bitcoin rebounds to $84,000 as ETFs face $680 million outflow ahead of inflation data appeared first on COINTURK NEWS.
