Bitcoin trades near $84,050 despite $681 million in weekly ETF outflows
CIE News ·
Bitcoin held near $84,050 despite $681 million in weekly outflows from U.S. spot ETFs, with analysts pointing to $82,000 as crucial support ahead of inflation data.
Bitcoin (BTC) traded near $84,050 on October 12, recovering after a drop to around $83,500 earlier in the day and remaining near Sunday's high of roughly $84,145, CoinDesk reported. The price resilience occurred despite U.S.-listed spot bitcoin exchange-traded funds recording $681 million in net outflows during the previous week. According to data cited by CoinDesk, that weekly redemption total marked the largest volume of exits since June, with the heaviest withdrawals taking place on October 7 and October 8.
Analysts noted that the broader cryptocurrency market also advanced, with altcoins such as Avalanche gaining 5.1% to $10.91 and Chainlink adding 2.4% to $13.35. Meanwhile, WTI crude oil futures dropped 1.8% to $90.28 following a partial easing of U.S. sanctions on Russian diesel shipments.
Giottus Exchange CEO Vikram Subburaj and BitDelta India lead analyst Purvang Mashru both identified $82,000 as the vital support level that buyers must defend to prevent steeper declines. The analysts identified the release of U.S. inflation data scheduled for October 14 as the next major macroeconomic event.