For now, there’s just one thing to watch: can BTC reclaim $84,000 within a reasonable time?
BTC bounced after touching the 4-hour MA200 near $80,400. The MACD formed a bullish crossover at a low level, suggesting that short-term selling pressure has eased for now.
But the price lost momentum after rising to $83,000. The $83,500–$84,500 range is capped by the previous trading range, the MA30, and the MA120. This is the real dividing line between bulls and bears.
Over the past two days, spot BTC ETFs saw cumulative net outflows of about $729 million. The price didn’t continue to collapse, which shows there is genuine support around $80,000. But ongoing outflows also mean this rebound is unlikely to break straight through $85,000.
I think BTC is more likely to trade sideways between $80,000 and $85,000 for the rest of October. It may first rebound to $84,000, then pull back to $81,000–$82,000, rather than immediately launching into a sustained directional move.
As long as $80,000 holds, BTC could still challenge $85,000–$87,000 after the mid-month correction ends. However, $87,400 is probably already this month’s interim high, and a direct breakout above $90,000 is unlikely.
For now, treat the rise as a rebound. A sustained move above $85,000 would signal a stronger trend; a break below $80,000 would put $77,000–$78,000 in view. The outlook for the rest of October is simple: bottoming first, then recovery. There still isn’t enough capital for a major rally.
BTC bounced after touching the 4-hour MA200 near $80,400. The MACD formed a bullish crossover at a low level, suggesting that short-term selling pressure has eased for now.
But the price lost momentum after rising to $83,000. The $83,500–$84,500 range is capped by the previous trading range, the MA30, and the MA120. This is the real dividing line between bulls and bears.
Over the past two days, spot BTC ETFs saw cumulative net outflows of about $729 million. The price didn’t continue to collapse, which shows there is genuine support around $80,000. But ongoing outflows also mean this rebound is unlikely to break straight through $85,000.
I think BTC is more likely to trade sideways between $80,000 and $85,000 for the rest of October. It may first rebound to $84,000, then pull back to $81,000–$82,000, rather than immediately launching into a sustained directional move.
As long as $80,000 holds, BTC could still challenge $85,000–$87,000 after the mid-month correction ends. However, $87,400 is probably already this month’s interim high, and a direct breakout above $90,000 is unlikely.
For now, treat the rise as a rebound. A sustained move above $85,000 would signal a stronger trend; a break below $80,000 would put $77,000–$78,000 in view. The outlook for the rest of October is simple: bottoming first, then recovery. There still isn’t enough capital for a major rally.