Home / Business and Economy / Bitcoin Hovers Near $83K Amid ETF Fluctuations
Bitcoin Hovers Near $83K Amid ETF Fluctuations
12 Oct
Summary
- Bitcoin traded near $83,000 despite recent ETF outflows.
- Whale accumulation and corporate holdings support crypto assets.
- Elevated oil prices and a strong US dollar weigh on sentiment.
Bitcoin's price hovered near the $83,000 mark on Monday, as the cryptocurrency market sought stabilization following substantial outflows from US Bitcoin ETFs and broader macroeconomic pressures. Institutional sentiment remained cautious due to elevated oil prices and a strong US dollar, factors impacting risk appetite.
However, underlying support for crypto assets was evident through significant whale accumulation, with reports of whales acquiring approximately 15,000 BTC in 72 hours. Additionally, corporate holdings have seen a notable increase, adding 193,000 BTC this year. This accumulation trend, coupled with a recovering global crypto market capitalization, suggests underlying demand despite short-term volatility.
Experts advised investors to avoid chasing short-term rallies, recommending staggered buying and smaller position sizes. Close monitoring of ETF flows and US inflation data was suggested as key strategies for managing market volatility. The market continues to consolidate, with immediate support levels identified around $83,200 - $83,300 and resistance near $83,600 - $84,100.
