Bitcoin Rebounds Despite Outflows From Bitcoin ETFs
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Written by
Simonas Brazionis - Updated 2026-10-11 06:35:40
Bitcoin experienced a 1.38% rebound to $82,837 on Friday, recovering from a dip to $80,427 on Thursday. This recovery occurred despite significant outflows from Bitcoin ETFs and a cautious market sentiment. The total cryptocurrency market capitalization also saw a 2% increase, reaching $2.8 trillion.
The market's recovery followed substantial outflows from Bitcoin ETFs, totaling $484.9 million on Wednesday and an additional $244 million on Thursday. These outflows coincided with rising 10-year Treasury yields and indications from Federal Reserve minutes of a potential interest rate hike later in the year.
Market Sentiment and Price Predictions
Despite the partial recovery, overall sentiment among traders remains cautious. The Fear & Greed Index registered a neutral reading of 56. Prediction markets suggest a 67% probability that Bitcoin's price will trade at or below $80,000 before the end of October, with 40% odds for $77,500 and 24% for $75,000.
One market analysis also indicated a 49% chance of Bitcoin finishing the week above $87,500. This implies expectations of price compression and potential further downside, even with the recent rebound.
Technical Indicators and Critical Price Levels
Technical indicators provide further insight into Bitcoin's current state. The Average Directional Index (ADX) on the daily chart is at 37.9, surpassing the 25 level, which indicates a strong trend. The directional lines show buyers (DI+) are currently above sellers (DI-), suggesting a continued bullish trend despite the recent pullback.
The Relative Strength Index (RSI) registered a neutral reading of 51.2, similar to the Fear and Greed Index. This suggests a cooling phase after a period of being overbought. An analyst from Bitwise Europe highlighted that the $83,000 price point is a critical test for the current bounce, aligning with the average cost basis for Bitcoin ETFs and a previous higher-high level.
Reclaiming the $83,000 level could pave the way for a move towards $84,433. The September high of $87,354.33 remains a key resistance point that needs to be overcome for sustained bullish momentum.
