Bitcoin (BTC) Rebounds, But $84,000 A Bridge Too Far For Now

(MENAFN- Crypto Breaking) Bitcoin (BTC) experienced substantial volatility on Tuesday, oscillating between a low of $80,948 and a high of $84,065 before closing at $83,094, up 1.65%. The flagship cryptocurrency is marginally up in the ongoing session, but momentum remains weak as it looks to retest $84,000.

Meanwhile, Bitcoin ETFs bounced back on Tuesday, recording $175.70 million in inflows. ETFs recorded sustained outflows last week, with investors pulling $484.90 million last Wednesday and $244.10 million on Thursday.

Bitcoin (BTC) Rebound Stalls

Bitcoin (BTC) has experienced substantial volatility over the past few days. The flagship cryptocurrency traded above $86,000 during the first week of October but lost momentum thanks to a combination of broader macroeconomic pressure, leveraged liquidations, and ETF outflows. BTC started the previous week at $86,490 before dropping 0.87% to $85,756, declining marginally by 0.24% on Tuesday (October 6) after reaching an intraday high of $86,677.

Selling pressure intensified on Wednesday as the price fell 2.66%, slipping below $85,000 to $83,275. Sellers dragged BTC to a low of $80,308 on Thursday before buyers stepped in, and the price ultimately settled at $81,676, dropping 1.92%.

Price action recovered on Friday and remained positive over the weekend as BTC reclaimed $83,000 and ended Sunday at $83,679. However, selling pressure returned on Monday and BTC fell 2.31% to $81,746. BTC faced substantial volatility on Tuesday (October 13), falling to a low of $80,948 and reaching an intraday high of $84,065 before closing at $83,094, up 1.65%. The recovery was partly attributed to strong ETF inflows of $175.70 million. The flagship cryptocurrency is up 0.77% during the ongoing session, trading around $83,738.

TradingView data suggests BTC has stalled below the 20-day average. The upper Bollinger Band is at $86,366, while the lower band sits around $81,606. BTC is trading closer to its lower band rather than the upper one. The MACD also suggests ongoing bearishness.

$84,000 In Focus

Bitcoin 's (BTC) latest attempt to push above $84,000 stalled yet again as sellers pushed the price towards $80,000. However, buyers helped lift BTC above $83,000 following the rejection. A move above $84,000 could bring $86,000 into focus, a level where BTC traded before its October downturn. On the other hand, selling pressure could push the price back towards $80,000.

Sweep, a popular analyst and market commentator on X, posted that large BTC holders accounted for the bulk of spot trading volume. Sweep used CryptoQuant's average order-size chart to highlight the change over the past few weeks, with retail traders gradually giving way to whales.

“Big whales are dominating the $BTC spot volume again. In the last 3 weeks, retail was participating while whales were sitting on the sidelines. But now it has changed. I guess another leg up could happen soon now.”

Meanwhile, CoinGlass's liquidation heatmap shows liquidity clusters forming between $84,000 and $85,000. Liquidation clusters below BTC's current price are between $82,300 and $83,000.

Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.

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