Bitcoin Bleeds in Uptober—How Low Can It Go? Experts Weigh In — SkimNews
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- Bitcoin fell 4.1% over the past seven days, touching lows of $80,427 and trading under $83,000, per CoinGecko data.
- U.S. spot Bitcoin ETFs shed $484.9 million on Wednesday—the worst single-day outflow since June 25—with BlackRock's IBIT losing $207.7 million and Fidelity's FBTC losing $105.1 million; funds shed another $244 million Thursday.
- Bitfinex analysts attributed Bitcoin's failed push above $87,000 to futures rather than spot demand, noted weekly ETF inflows collapsed to $241.1 million from $2.39 billion the prior week, and peg the current consolidation range at $84,000–$87,722 with September CPI on October 14 seen as the next potential trigger.
- Bitwise Senior Research Associate Luke Deans identified the $72,000–$77,000 zone as Bitcoin's structural support cluster, citing the True Market Mean at $77,000, the Short-Term Holder Cost Basis at $74,000, and the 200-day moving average at $72,000.
- Nansen Senior Research Analyst Jake Kennis noted Bitcoin has posted a median October return of roughly 14% since 2013 with 10 of 13 Octobers finishing positive, though he cautioned liquidity and macro conditions outweigh calendar seasonality.
Why it matters: ETF investors are back at breakeven for the first time since January—a level at which inflows have historically slowed. With $484.9 million exiting Wednesday and $244 million more Thursday, and spot demand still absent, the $72,000–$77,000 support zone Bitwise flags becomes the threshold analysts say a breach would 'impair current market structure.'
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