This is a bounce, not yet a reversal.
Bitcoin fell below $80,000 on Thursday, then climbed back to $82,000 in less than two hours, with nearly $950 million in liquidations. It sounds dramatic, but the reason is pretty straightforward: Treasury yields fell, forcing people who had been short to buy back. In plain English, it was shorts covering—not a sudden wave of optimism.
More concerning, spot ETFs saw net outflows of $260 million that same day. If long-term investors were really coming in, we should see inflows here first.
The $82,000 level has been a tug-of-war for nearly 50 days. Whether Bitcoin closes the weekend above or below it will be more telling than any commentary. Before the Fed’s October 28 rate decision, I’d rather treat this as a range-bound market.
#BitcoinReboundsTo$82,000 $BTC
Bitcoin fell below $80,000 on Thursday, then climbed back to $82,000 in less than two hours, with nearly $950 million in liquidations. It sounds dramatic, but the reason is pretty straightforward: Treasury yields fell, forcing people who had been short to buy back. In plain English, it was shorts covering—not a sudden wave of optimism.
More concerning, spot ETFs saw net outflows of $260 million that same day. If long-term investors were really coming in, we should see inflows here first.
The $82,000 level has been a tug-of-war for nearly 50 days. Whether Bitcoin closes the weekend above or below it will be more telling than any commentary. Before the Fed’s October 28 rate decision, I’d rather treat this as a range-bound market.
#BitcoinReboundsTo$82,000 $BTC