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Bitcoin Faces Key Resistance at $82,800 Amid ETF Outflows
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Recent data from Farside Investors indicates that U.S. spot Bitcoin exchange-traded funds (ETFs) have seen significant net outflows, totaling $729 million over the past two trading sessions. The funds experienced withdrawals of $484.9 million on October 7 and $244.1 million on October 8, reversing a previous inflow of $118.8 million on October 6. This trend has raised concerns about the overall demand for Bitcoin and its impact on market stability.
In addition to the ETF outflows, the derivatives market has also shown signs of weakness. Open interest in Bitcoin derivatives fell from $28.162 billion on October 6 to $26.972 billion by October 8, although it has since recovered slightly to $27.134 billion. Bitunix noted that the increase in open interest does not necessarily indicate renewed buying interest, as liquidations have predominantly affected long positions, with approximately $220.17 million in long liquidations compared to $45.71 million in shorts. This suggests a cautious sentiment among traders, with some groups holding more short positions than long ones.
Bitunix emphasizes that a sustained move above $82,800, coupled with improved derivatives positioning and reduced ETF outflows, could support a test of the $85,000 to $87,000 range. Conversely, repeated rejections below this threshold could lead to a focus on lower demand zones between $79,700 and $77,000, with deeper support identified between $70,500 and $72,900 if selling pressure intensifies.
Source: KLEA News