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ZEC $1,187 Bitcoin slips as ETF outflows and inflation worries weigh on price
BTC fell to about $81,730 on October 20 as spot ETF withdrawals continued and traders braced for the Federal Reserve's late-October meeting.
Key takeaways
- ETF demand is soft. U.S. spot Bitcoin ETFs saw about $228.6 million in net withdrawals over the past week, after nearly $681 million the week before.
- Inflation ran hot. September's U.S. consumer price index rose 3.7%, just above the 3.6% market forecast.
- Key levels to watch. Crypto.news flagged $81,144 and $80,000 as support, with $82,587 and $83,457 as recovery levels.
What happened
Bitcoin fell 1.2% to around $81,730 on October 20, Crypto.news reported. The drop kept BTC below $82,000 after it briefly climbed above that level on October 19. At the reporting snapshot, BTC traded at $81,730.70, down from levels near $83,000.
Weak institutional demand is a central factor. U.S. spot Bitcoin ETFs recorded about $228.6 million in net withdrawals over the past week, following nearly $681 million the week before.
In its October 19 assessment, Glassnode said the selling behind Bitcoin's early October decline had slowed. The firm said perpetual futures traders drove much of the selling, and spot and ETF demand was not strong enough to spark a recovery. Transaction fees and transfer volumes each fell by roughly 10%.
First $84.4KLatest $83K-1.7% over the period
Points are daily observations, not closing prices.
Why it matters
Macro conditions have complicated Bitcoin's recovery. September's U.S. consumer price index rose 3.7%, just above the 3.6% market forecast, which reduced hopes for easier Federal Reserve policy. The Fed's next policy meeting is scheduled for October 27 and 28.
On the daily chart, the Ichimoku Cloud and Chaikin Money Flow indicators showed continued bearish pressure, with $81,144 and $80,000 as important support levels. The four-hour MACD showed improving momentum, but Crypto.news said Bitcoin needs to recover above $82,587 and then $83,457 for a stronger recovery.
What is still unclear
- Glassnode said selling had slowed, but it is unclear when spot and ETF demand will return in enough size to support a recovery.
- The four-hour MACD showed improving momentum, but BTC has repeatedly failed to hold above $82,000, so the durability of any rebound is uncertain.
Questions readers ask
Why is Bitcoin going down on October 20?
Crypto.news reported a 1.2% drop to around $81,730, citing weak ETF demand, selling pressure and concerns about inflation and the Federal Reserve's next rate decision.
How much have U.S. spot Bitcoin ETFs lost recently?
They recorded about $228.6 million in net withdrawals over the past week, after nearly $681 million the week before.
What Bitcoin price levels are traders watching?
Crypto.news flagged $81,144 and $80,000 as support, and $82,587 and $83,457 as levels BTC needs to recover for a stronger rebound.
When is the Federal Reserve's next meeting?
The Federal Reserve's next policy meeting is scheduled for October 27 and 28.
