ETF inflows resume—but Bitcoin slips under $84K before Fed minutes
Bitcoin slipped below $84,000 during Wednesday’s Asian session as traders awaited the Federal Reserve’s meeting minutes and weighed renewed inflation risks from rising oil prices, according to the report.
ETF inflows return, but price still slid
U.S.-listed spot Bitcoin ETFs saw $118.8 million in net inflows on October 6 after $89.8 million in outflows on October 5, per Farside figures cited in the report. The return of inflows did not prevent Bitcoin from falling below $84,000 the following morning, underscoring uneven demand, the report said.
Rates watch: Fed minutes and oil
The report states that expectations for an October rate increase have eased, but investors still see a significant possibility of further tightening by December. It adds that higher rates can raise the appeal of interest-bearing assets and increase the opportunity cost of holding gold or Bitcoin.
According to the report, oil advanced Wednesday as a storm approaching the Gulf of Mexico and attacks in the Middle East raised concerns about supply disruptions—factors that could complicate inflation and policy expectations.
Key levels the analysis is watching
The analysis cited in the report highlights immediate support around $80,000–$82,000. A sustained move above $87,000 could put $100,000 in focus, while a break below $80,000 would expose the $70,000–$75,000 area. Further losses below $70,000 could bring support near $65,000 into view, according to the report.
On the weekly chart, the report points to longer-term support between $50,000 and $60,000 and a potential cup formation within an ascending channel. It adds that a future breakout above $100,000 could support an extension toward $150,000—described as conditional technical projections, not assurances.
What to watch next
The report suggests the immediate focus is defending $80,000–$82,000 support and overcoming $87,000 resistance. It also notes that the Fed’s minutes and energy-driven inflation dynamics could sway rate expectations and, by extension, both Bitcoin and gold.