📊 Weekly Recap: The $87k Triple-Top and The October Long Flush
"Uptober" stalled quickly. Bitcoin surged to a fresh high of $87.1k following a weak jobs report, but then reversed sharply as the $81k buy wall broke and over $1.1B in long positions were liquidated.
📌 The Macro Pivot
A soft payrolls report killed expectations for an October rate hike, but rising oil prices weighed on risk assets.
• Weak Jobs September NFP added just 29K jobs versus 85K to 90K expected, while unemployment ticked up to 4.2 percent. October rate hike odds collapsed from 36 percent to 18 percent.
• Oil Volatility: Brent crude reached $85.50 on Middle East headlines, putting upward pressure on yields before pulling back after remarks from Trump.
• Regulatory Moves: With the CLARITY Act stalled, the CFTC proposed formal market rules under Regulation CTX and CAM, while the SEC advanced its digital asset framework.
📌 Bitcoin Rejection
$BTC opened near $84.9k and peaked at $87,146 before rejecting at $87k three separate times.
• Price Action: The triple-top at $87k triggered a breakdown through the $81k support level to an intraday low of $80,464 on October 8. BTC is currently consolidating around $81.8k.
• ETF Reversal: Outflows snapped September's record run, headlined by a single day net outflow of $484.9M on October 7. The weekly window netted negative $274M.
• ETH and Altcoins: $ETH ETFs logged seven consecutive outflow sessions totaling $456M, sending ETH down 8.5 percent to $2,476. Bitcoin dominance rose to 60 percent as altcoins underperformed.
• Corporate Accumulation: MicroStrategy bought 334 BTC to bring its total to 848,000 BTC, while Strive added 2,000 BTC. Robinhood disclosed its first proprietary purchase of $25M in BTC.
📌 Sentiment and Liquidations
The Fear and Greed index dropped from 68 to 56. October 7 and 8 saw over $1.12B in liquidations, with $1B coming from long positions.
Funding rates plummeted from 7 percent to below 1 percent. Crucial support rests at $80k, while resistance sits between $84.8k and $87.6k.
"Uptober" stalled quickly. Bitcoin surged to a fresh high of $87.1k following a weak jobs report, but then reversed sharply as the $81k buy wall broke and over $1.1B in long positions were liquidated.
📌 The Macro Pivot
A soft payrolls report killed expectations for an October rate hike, but rising oil prices weighed on risk assets.
• Weak Jobs September NFP added just 29K jobs versus 85K to 90K expected, while unemployment ticked up to 4.2 percent. October rate hike odds collapsed from 36 percent to 18 percent.
• Oil Volatility: Brent crude reached $85.50 on Middle East headlines, putting upward pressure on yields before pulling back after remarks from Trump.
• Regulatory Moves: With the CLARITY Act stalled, the CFTC proposed formal market rules under Regulation CTX and CAM, while the SEC advanced its digital asset framework.
📌 Bitcoin Rejection
$BTC opened near $84.9k and peaked at $87,146 before rejecting at $87k three separate times.
• Price Action: The triple-top at $87k triggered a breakdown through the $81k support level to an intraday low of $80,464 on October 8. BTC is currently consolidating around $81.8k.
• ETF Reversal: Outflows snapped September's record run, headlined by a single day net outflow of $484.9M on October 7. The weekly window netted negative $274M.
• ETH and Altcoins: $ETH ETFs logged seven consecutive outflow sessions totaling $456M, sending ETH down 8.5 percent to $2,476. Bitcoin dominance rose to 60 percent as altcoins underperformed.
• Corporate Accumulation: MicroStrategy bought 334 BTC to bring its total to 848,000 BTC, while Strive added 2,000 BTC. Robinhood disclosed its first proprietary purchase of $25M in BTC.
📌 Sentiment and Liquidations
The Fear and Greed index dropped from 68 to 56. October 7 and 8 saw over $1.12B in liquidations, with $1B coming from long positions.
Funding rates plummeted from 7 percent to below 1 percent. Crucial support rests at $80k, while resistance sits between $84.8k and $87.6k.