Bitcoin traded near $80,500 on Wednesday as ongoing corporate accumulation contrasted with weakening technical momentum and continued outflows from spot exchange-traded funds (ETFs), raising
Bitcoin traded near $80,500 on Wednesday as ongoing corporate accumulation contrasted with weakening technical momentum and continued outflows from spot exchange-traded funds (ETFs), raising questions about the sustainability of the recent recovery.
Asset manager Strive, known for acquiring significant amounts of Bitcoin for its treasury, purchased 6,182 BTC at an average price of $82,732, spending roughly $511.4 million. This latest investment increased Strive’s total Bitcoin holdings to 43,000 BTC, now valued at around $3.5 billion.
The report, first published by on-chain analytics firm Lookonchain, emphasized that Strive’s move highlights persistent corporate interest in Bitcoin despite its recent price slide. In contrast, Strategy made no additional Bitcoin purchases over the previous week.
Strive acquired 6,182 BTC for $511.4 million at an average price of $82,732, according to Lookonchain. This continued accumulation underscores steady institutional demand, even as price momentum remains limited.
Strive is an asset management company focused on digital asset investment strategies for corporate clients and institutions.
Mini dictionary: Bollinger Bands are a technical analysis indicator formed by plotting a moving average and two standard deviation lines above and below that average. These bands help traders identify volatility and potential overbought or oversold conditions.
At the time of writing, Bitcoin changed hands at $80,514, up 0.45% on the daily candle, according to TradingView data. The price remains below key technical thresholds, including the middle Bollinger Band at $82,093 and a significant resistance area near $83,372.
The Relative Strength Index (RSI) stood at 43.44, below its 47.71 monthly average but still above the oversold threshold of 30, suggesting lackluster momentum rather than clear selling excess. Traders are watching whether Bitcoin can reclaim resistance near $82,093 to regain positive momentum, or whether support at $80,023 and further down at $77,747 might soon be tested if selling pressure increases.
Technical Level Price Current Price $80,514 Middle Bollinger Band $82,093 Resistance $83,372 Upper Bollinger Band $84,163 Lower Bollinger Band $80,023 Major Support $77,747Data from SoSoValue showed US spot Bitcoin ETFs experienced net outflows of $137.94 million on October 23. This followed a larger net outflow of $635.49 million the prior day. Earlier in the week, ETFs had received inflows of $528.40 million and $526.60 million on October 21 and 19, respectively. This volatility in ETF flows reflects uncertainty among larger investors.
Date ETF Net Flow October 19 +$526.60 million October 21 +$528.40 million October 22 -$635.49 million October 23 -$137.94 millionETF net flows have fluctuated sharply, with outflows reaching $635.49 million one day and inflows over $500 million on others. Continued outflows could depress short-term sentiment, while renewed inflows would likely support a recovery.
CoinGlass data pointed to declining open interest, which slipped from its highs near the end of September to approximately $53 billion by late October. This reduction suggests market participants have closed or reduced positions. Several large liquidation spikes, most notably in August and recent weeks, further reflect ongoing volatility.
While fewer open positions could help stabilize prices if selling abates, technical indicators such as a sub-50 RSI and the price’s position below short-term moving averages suggest a cautious near-term outlook for $BTC. Whether buyers can defend immediate support or reclaim broken technical levels may determine the market’s next major move.
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