From BigGo Finance · BigGo Finance · · 1m 20s
Bitcoin Rebounds Above $84,000 as Oil Drop Cuts ETF Exodus
Bitcoin climbs back above $84,000 despite record ETF outflows as oil prices fall.
In brief
Bitcoin climbs back above $84,000 despite record ETF outflows as oil prices fall. Bitcoin recovered above $84,000 on Monday after oil prices dropped 1.8% to $90.28 a barrel, offsetting record weekly ETF outflows of $681 million. Originally reported by BigGo Finance.
Bitcoin recovers above $84,000
Bitcoin reclaimed the $84,000 level on Monday after dipping to $83,500 earlier in the session.
Oil prices drop 1.8% to $90.28
WTI crude oil fell 1.8% to $90.28 a barrel following President Trump's announcement of a partial easing of sanctions on Russian oil imports.
Record ETF outflows of $681 million
Spot Bitcoin ETFs recorded $681 million in net outflows for the week ended October 9, the largest weekly redemption since late June.
Avalanche leads gains at 5.1%
Avalanche surged 5.1% to $10.91, followed by Chainlink's 2.4% rise to $13.35 and Solana's 1.2% gain.
Key support at $82,000
Analysts identified $82,000 as critical support for Bitcoin to avoid deeper corrections.
CPI release on October 14
The October 14 U.S. consumer inflation data is expected to dictate near-term Bitcoin direction.
Technical indicators mixed
Bitcoin sits above key moving averages but the Relative Strength Index hovers near 55 while the Moving Average Convergence Divergence remains below zero.
What it means
Bitcoin recovered above $84,000 on Monday after oil prices dropped 1.8% to $90.28 a barrel, offsetting record weekly ETF outflows of $681 million.
