- Bitcoin holds above $80,000 despite $909 million in spot ETF outflows.
- BTC faces resistance at $82,000 to $84,000, with $79,000 as key support.
- Charles Schwab expands Bitcoin access to 40 million clients.
Bitcoin is holding above $80,000 despite mounting selling pressure, as spot Bitcoin exchange-traded funds (ETFs) record fresh outflows. BTC traded at $80,719, down 2.57% over 24 hours, before recovering slightly to $81,467 at press time.
The latest price action comes amid concerns over inflation, interest rates, quantum computing risks, and potential U.S. government Bitcoin sales. Yet, Bitcoin’s ability to remain above $80,000 despite these headwinds points to underlying market strength.
Bitcoin Faces $82K Resistance and $79K Support
Bitcoin’s immediate technical structure remains neutral to slightly bearish. The cryptocurrency is trading below its seven-day and 30-day simple moving averages, while its Relative Strength Index (RSI) stands at 49.41, indicating a relatively balanced market.
The $81,500–$81,600 range is an immediate battleground, aligning with the average cost basis of spot Bitcoin ETF holders. A daily close above $84,000 could open the way toward $87,000.
On the downside, the $78,800–$79,300 zone represents key support. A break below $80,000 exposes Bitcoin to the $75,000–$76,000 range, where the 50-week weighted moving average sits. Other upside levels include $82,500, $85,000, $87,000, and $90,000 psychological levels.
Meanwhile, the Federal Reserve’s October 28 policy meeting is another key event for traders, as its guidance will influence expectations for interest rates and risk appetite.
Bitcoin Shows Relative Strength Against Stocks
Bitcoin has also held above $80,000 while the Nasdaq has fallen approximately 6% over the past 10 days. The divergence has emerged despite several sources of market uncertainty, including hotter-than-expected inflation indicators, quantum computing concerns, potential U.S. government Bitcoin sales, and fears surrounding MSCI-related developments and a sell-off in memory stocks.
Some market observers see Bitcoin’s resilience as a sign that the asset is preparing for another upward move.
Bitcoin ETFs Record $909 Million in Outflows
U.S. spot Bitcoin ETFs recorded $82.39 million in net outflows on October 16. The latest outflows add to Bitcoin’s near-term selling pressure as the market struggles to regain higher price levels.
Notably, spot Bitcoin ETFs have now recorded outflows for two consecutive weeks: $228.58 million for the week of October 16 and $681.10 million for the week of October 9. The combined outflows over the two weeks totaled $909.68 million.
Meanwhile, approximately $60 million in Bitcoin positions were liquidated over 24 hours, pointing to an unwinding of leveraged trades. These developments present a challenge for Bitcoin bulls, who need to reclaim nearby resistance levels to improve the short-term outlook.
Charles Schwab Opens Bitcoin Trading to 40 Million Clients
Amid the current weakness, Bitcoin’s access to traditional investors continues to expand. Charles Schwab, which manages a business serving approximately 40 million clients, has made spot Bitcoin trading available to its customers. The development widens access to Bitcoin through an established financial services platform.
The supplied data also points to roughly 700,000 BTC leaving centralized exchanges over the past two years, with reserves falling from approximately 3.15 million BTC to 2.45 million BTC, according to CoinGlass.
A reduction in exchange-held Bitcoin indicates that coins are moving into longer-term holdings, ETFs, or custodial wallets, reducing the amount immediately available for trading.
Can Bitcoin Reclaim $84,000?
Bitcoin’s next move depends on whether buyers defend the $80,000 area and push the price through immediate resistance between $82,200 and $83,000.
A daily close above $84,000 would strengthen the case for a recovery toward $87,000, with $90,000 emerging as a further upside target. Conversely, a decisive break below $80,000 brings the $75,000 to $76,000 region into view.
Ultimately, ETF outflows and weakening short-term technical indicators are weighing on Bitcoin, while declining exchange reserves, wider access through Charles Schwab, and its relative resilience against stocks offer a more constructive longer-term picture.
Related: Bitcoin Price Prediction: BTC Faces a Decision Point as Cowen Watches the $83,000 Level
Disclaimer: The information presented in this article is for informational and educational purposes only. The article does not constitute financial advice or advice of any kind. Coin Edition is not responsible for any losses incurred as a result of the utilization of content, products, or services mentioned. Readers are advised to exercise caution before taking any action related to the company.
