Bitcoin briefly slipped below $84,000 during Wednesday’s Asian trading session, with investors focusing on two near-term macro signals: the Federal Reserve’s upcoming release of the Federal Open Market Committee, or FOMC, meeting minutes, and the inflation implications of rising oil prices. The move came even after U.S. spot Bitcoin exchange-traded funds, or ETFs, returned to net inflows of $118.8 million on Oct. 6 following one day of net outflows.
According to the report cited by Techub News, Bitcoin still faced pressure in early trading the next day, suggesting that ETF flow improvement did not offset broader macro caution. CoinJournal said higher oil prices had intensified inflation concerns, a factor that could shape market expectations for the Fed’s next monetary policy steps.
The same report pointed to $80,000 to $82,000 as Bitcoin’s key near-term support zone. On the upside, it identified $87,000 as an important resistance level. A sustained break above that area could open the way for a test of the $100,000 mark.
Bitcoin briefly fell below $84,000 during Wednesday’s Asian trading hours as investors waited for the Federal Reserve to release the minutes of its Federal Open Market Committee, or FOMC, meeting and assessed fresh inflation risk tied to higher oil prices.
The move came despite a return to net inflows for U.S. spot Bitcoin exchange-traded funds on Oct. 6. After one day of net outflows, the products posted $118.8 million in net inflows, but Bitcoin was still under pressure in early trading the following day.
According to CoinJournal, rising oil prices have added to inflation concerns and could affect how markets price the Federal Reserve’s future monetary policy path.
On the technical side, the report said Bitcoin’s key support zone is in the $80,000 to $82,000 range. If the asset can break and hold above $87,000 resistance, it may go on to test the $100,000 level.
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