Bitcoin Rebounds to $82,837 as Traders Bet on More Downside — SkimNews
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- Bitcoin rebounded 1.38% to $82,837 on Friday after dipping to $80,427 on Thursday, its lowest level since early September, while total crypto market cap rose 2.1% to $2.89 trillion — still below the $3 trillion mark hit a week ago
- Bitcoin spot ETFs shed $484.9 million on Wednesday — their worst day since June 25 — followed by another $244 million on Thursday, per Decrypt's ETF tracker
- The Fear & Greed Index fell to a neutral 56 from 71 ("greed" territory) on October 2, while the 10-year Treasury yield hit 5.32% and Fed minutes pointed to another rate hike by year-end
- Myriad traders priced a 67% chance Bitcoin trades at or below $80,000 before October ends, with 40% odds for $77,500 and 24% for $75,000; a separate weekly market gave 49% odds on Bitcoin finishing above $87,500
- Despite the pullback, the ADX reads 37.9 with DI+ above DI-, confirming the broader trend remains technically bullish, and the RSI at 51.2 suggests the cooldown follows an overbought phase
- Bitwise Europe's Luke Deans told Decrypt the $83,000 zone combines the average ETF cost basis with the prior higher-high, making it the first test for the bounce; the September high of $87,354.33 remains the ceiling bulls need a daily close above
Why it matters: The 10-year at 5.32% and Fed minutes flagging another year-end hike are squeezing risk assets — Bitcoin felt it with $484.9M exiting spot ETFs on their worst day since June 25. Yet the ADX at 37.9 with buyers still above sellers keeps the uptrend technically intact; bulls need to reclaim the ETF cost-basis zone at $83,000 or face the 67%-probability retest of $80,000 that Myriad traders are pricing in.
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