Bitcoin (BTC) Price: BTC Holds Above $80K as Spot ETFs Draw $286M in Two Days

TLDR

• Bitcoin traded near $80,800, up between 1% and 1.6% over 24 hours, but has not reclaimed $82,000.
• U.S. spot Bitcoin ETFs drew $286 million over two days, led by $176 million on Tuesday.
• Santiment reported net exchange outflows of 14,942 BTC, the largest daily outflow in five weeks.
• Markets expect the Fed to hold rates at 3.75% to 4.00% on Oct. 28.
• Rekt Capital flagged $81,400 as a key three-day closing level, with support at $80,000.

Bitcoin (BTC) traded near $80,800 on Oct. 28, up between 1% and 1.6% over the past 24 hours. The price moved between $79,416 and $81,159 during the past day.

Trading volume stood near $23.5 billion, and Bitcoin’s market value stayed above $1.62 trillion. Despite the gains, BTC has not climbed back above $82,000.

The move comes ahead of the Federal Reserve’s interest rate decision on Oct. 28. Traders are also watching exchange flows, ETF demand and reports of possible U.S. military action against Iran.

Bitcoin Price on CoinGecko

Bitcoin ETFs Record Two Days of Inflows

U.S. spot Bitcoin ETFs took in about $176 million on Tuesday, according to SoSoValue data. BlackRock’s IBIT led the day with $151.5 million.

That followed about $110 million in inflows on Monday, bringing the two-day total to $286 million. The funds had lost nearly $774 million on Thursday and Friday of last week.

October net outflows have now narrowed to about $26 million. Year-to-date net inflows stand at roughly $850 million.

Spot Ether ETFs saw a different trend. They recorded about $149 million in net outflows on Monday and Tuesday, and their October outflows reached $1.32 billion.

On-chain data from Santiment showed about 14,942 BTC left exchanges on a net basis. This was the largest daily outflow in five weeks.

Santiment said the withdrawals could point to less selling pressure ahead of the Fed meeting. However, exchange transfers can also reflect custody changes or moves between platforms.

The Crypto Fear & Greed Index rose to 51 from 48, staying in “Neutral” territory. A week earlier, the index read 63, or “Greed.”

Fed Decision and Key Price Levels

Markets expect the Fed to hold its target range at 3.75% to 4.00% after a quarter-point increase in September. Traders will watch Chair Kevin Warsh’s comments on inflation and the outlook for December.

A Wall Street Journal report said U.S. officials warned Gulf countries about a possible short military campaign against Iran after the Nov. 3 midterm elections. No final decision has been announced, but the report raised concerns about oil prices and inflation.

CryptoQuant research head Julio Moreno said Bitcoin’s spot demand kept shrinking in October. The firm’s Bull Score Index fell from 90 to 60.

Moreno pointed to the 365-day moving average at $77,585, the trader realized price at $74,041 and the 200-day moving average at $73,028 as levels to watch if prices weaken.

Analyst Ali Martinez noted that Bitcoin posted negative fourth-quarter returns in the last three U.S. midterm years: 2014, 2018 and 2022.

On the daily chart, BTC sits below its nine-day moving average of $81,416 and its 21-day moving average of $81,905. The Relative Strength Index reads 45.52, below the neutral 50 level.

Analyst Rekt Capital named $81,400 as a key three-day closing level. Reclaiming it could open a test of $82,000 to $82,500, while immediate support sits at $80,000, followed by $78,000 and $76,000.

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