Today's script feels familiar:
$BTC fell below $80,000 again, then bounced right back.
But the details are worth a closer look this time—the price spent only about two hours below $80,000 before buying pressure pulled it straight back to around $82,500. It's now at about $82,000, up roughly 1.5–2% over 24 hours.
It was those two “blowout” inflation readings again: September PPI was up 6.3% year over year, and CPI was up 3.7%. Thursday's jitters briefly sent the price tumbling to around $79,800.
The turnaround came as Fed officials struck a more dovish tone: according to Reuters, the odds of no rate hike in October have risen to 73%. Treasury yields fell, the dollar index dropped 0.45% (according to reports), and Asian stocks rebounded from Thursday's sell-off, giving risk assets some breathing room.
Three things to note:
First, the $80,400 support level has now been tested for the third time this week, and buyers have stepped in at the same level each time.
Second, the recovery after dipping below $80,000 is getting faster each time—this time it took only about two hours, suggesting buyers at lower levels are increasingly eager and less willing to miss out.
Third, the real dividing line is $84,000: Wednesday's post-inflation-data rebound faltered there. Until the price gets above that level, every V-shaped bounce is just an oversold recovery.
A dose of caution, too: spot BTC ETFs saw net inflows of only about $5.06 million on Thursday (according to reports), suggesting institutions are still sitting on the sidelines. Ethereum ETFs, by contrast, saw net outflows of about $60 million. Ethereum rose just 1.5% to around $2,452, and remains clearly weaker than Bitcoin.
The October 27–28 FOMC meeting is the real showdown. The $80,000–$84,000 range is likely to hold until then.
This is not investment advice. DYOR; trading involves risk.
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