Bitcoin has rebounded toward $82,800 after a liquidation-driven sell-off, but resistance near $84,400 stands between the recovery and another attempt at $87,000. U.S. spot Bitcoin ETFs recorded net outflows over Oct. 5–9, and trader Lennaert Snyder names $81,100 as the key support level.
Bitcoin traded at $82,726 on Oct. 10, up 0.3% over 24 hours, according to CoinGecko. The price sits below the resistance that stopped earlier rallies.
The rebound followed a sell-off that produced $1.09 billion in market-wide crypto liquidations over 24 hours to Oct. 9, according to CoinGlass figures. Long positions accounted for $1.05 billion, and Bitcoin briefly reached $80,350 on Bitstamp before recovering.
Resistance clusters between $84,170 and $84,400
However, several technical hurdles now sit close together. TradingView places the 100-period average at $84,171 and the 50-period average at $84,330, while the daily Bollinger Band midpoint stands at $84,396.
Momentum has also cooled. The daily relative strength index stands at 50.97, below its average of 59.86.
Snyder puts $81,100 at the center of the rebound
Trader Lennaert Snyder identified $81,100 as the last major support for the bounce to develop into a reversal on a higher timeframe. He said holding the recent low near $80,400 into the following week would improve the chances of a move toward the liquidity around $87,000.
Snyder also cautioned that weekend moves often reverse during the following week. He said losing the low would leave Bitcoin vulnerable to another decline, with his attention then shifting to potential entries below $80,000.
ETF outflows weigh on the week
Farside Investors' figures show U.S. spot Bitcoin ETFs lost a net $678.9 million across the five trading sessions from Oct. 5–9. The largest withdrawal came on Oct. 7, with $484.9 million in net outflows.
Friday brought a smaller reversal of $21.1 million in net inflows, but the weekly fund balance remained negative.
Source: crypto.news
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