Bitcoin
Bitcoin Rebounds to $82,800 Following Institutional Outflows and Macro Pressures
Bitcoin recovered slightly after falling toward $80,000, though prediction markets indicate persistent expectations of further downside before the end of October.
Bitcoin traded around $82,837 on Friday, rising 1.38% on the day after touching a low of $80,427 on Thursday. The broader cryptocurrency market capitalization gained 2.1% to reach $2.89 trillion, recovering a portion of the previous week's losses when total valuation sat above $3 trillion. The Crypto Fear & Greed Index shifted to a neutral reading of 56, down from 71 on October 2.
The market faced headwinds from institutional outflows, with spot Bitcoin ETFs shedding $484.9 million on Wednesday—their steepest single-day outflow since June 25—and an additional $244 million on Thursday. Macroeconomic factors contributed to the pressure, as the 10-year U.S. Treasury yield climbed to 5.32% and Federal Reserve minutes signaled the possibility of another interest rate hike before year-end.
Prediction market data from Myriad showed a 67% probability of Bitcoin trading at or below $80,000 at some point in October, alongside a 40% chance of reaching $77,500. On technical charts, Bitcoin remained below its 50-period exponential moving average on the four-hour timeframe, while the daily Relative Strength Index stood neutral at 51.2.
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