FX.co ★ teagan.orn | #Bitcoin chart analysis

Hello crypto folks! BTC/USD continues to decline, so I continue to trade short. As long as Bitcoin's price is below 83 200–84 000, I expect a return to 80 000. A close below 80 000 opens the way to 76 500. A daily close above 84 000 cancels the scenario. Bitcoin's trend depends on capital flows into ETFs, central bank rates and the dollar exchange rate. Right now these factors are forcing the cryptocurrency down. Spot ETFs lost $261 million in a day, the cumulative October total went negative by $276.2 million. The average cost basis of ETF holders is around $81 722, meaning the price is sitting right on it. Above the price there is a dense supply zone of long-term holders at $84 000–85 000. The probability of a Fed rate hike -800% US CPI for September rose to 3.7%, PPI to 6.3%. A drop in inflation is not expected, oil is holding around $100. Warsch's speech on Friday supported Bitcoin; the Fed chair gave no signals on rates, and the 10-year Treasuries yield fell to 5.10%. Among the upcoming events of the week I would note the lack of important US macro data. Besides, the Fed goes into a 'quiet period' before the meeting on October 27–28, the ECB will decide on rates on the 29th.