Bitcoin slipped 1.5% to $80,000, but a mix of fresh ETF money, whale buying and bullish technical signals has some analysts eyeing an $85,000 move.
Key points
- ETF inflows of $423 million this week suggest renewed institutional interest in Bitcoin.
- Whale wallets added about 90,000 BTC in October, reinforcing a price floor near $80,000.
- Technical indicators (RSI below 30, weekly EMA) point to a possible rally toward $85,000–$94,000 if Bitcoin clears $82,000.
- The Federal Reserve’s unchanged rates provide short‑term breathing room, but an 83% chance of a December hike remains.
The cryptocurrency slipped 1.5% over the past 24 hours to around $80,000 after the U.S. Federal Reserve left rates unchanged, a decision that delayed a planned hike despite September inflation running above forecasts. FedWatch’s data, sourced from CME Group, shows an 83% probability of a rate increase at the December meeting, giving the market a brief respite from macro‑policy pressure.
Wall Street’s appetite for Bitcoin‑linked exchange‑traded funds (ETFs) appears to be strengthening. Over the last six of eight trading sessions, ETFs have posted net inflows, totaling $423 million this week and $728 million across the past eight days, according to the article’s data. The inflows are interpreted as a shift in sentiment following the Fed’s decision.
ETF Inflows Boost Sentiment
On‑chain data from analytics firm Santiment indicates that wallets holding between 1 and 100,000 BTC have accumulated roughly 90,000 BTC in October, creating a “strong floor” around the $80,000 level. The report frames this activity as evidence that “smart money” is positioning for a continued rally into November.
Technical analysis on the weekly chart, sourced from TradingView, shows a buy signal after the Relative Strength Index fell below 30 – the first such occurrence since 2022. The RSI has since risen, suggesting accelerating momentum. Historical patterns on the weekly chart have seen price jumps after dipping below the 200‑week EMA, with a potential target of $94,000, representing an 18% upside from current levels.
Whale Activity Strengthens Floor
A closer look at the 4‑hour chart places Bitcoin in a “hot” buy zone. Analysts say a decisive break above $82,000 would confirm a trend reversal, after which the next resistance could be $87,000 and, if bullish momentum persists, $94,000. The article notes that these projections are contingent on the price sustaining above the key $82,000 threshold.
Reader questions
What price level must Bitcoin break to confirm a trend reversal?
Analysts say a clear break above $82,000 would confirm a reversal, opening the path to $87,000 and potentially $94,000.
How much have Bitcoin ETFs attracted in recent inflows?
ETFs have recorded $423 million in net inflows this week and $728 million over the past eight days, according to the source.
Source: finance.yahoo.com
