Bitcoin recovered toward $80,600 on October 25 after briefly falling below $80,000 in a weekend sell-off. U.S. spot Bitcoin ETFs recorded net withdrawals on October 22 and 23, while a CryptoQuant analyst reported improving whale holdings.
Bitcoin recovered toward $80,600 on October 25 after falling below $80,000 during a weekend sell-off. Buyers have struggled to regain the levels lost during the past several sessions.
Selling pressure intensified on October 24, when the price slipped below $80,000 and triggered forced closures of leveraged positions. Bitcoin briefly dropped toward $79,200 before recovering above $80,000.
Liquidations affect 116,300 traders
CoinGlass data showed approximately $546.88 million in liquidations across cryptocurrency markets over 24 hours, affecting 116,300 traders. The largest reported single liquidation was an $11.85 million ETH-USDT position on Binance.
The decline followed several days of weakening demand. Concerns about the Middle East, elevated oil prices and weakness in technology stocks have weighed on risk appetite, according to the report.
ETF withdrawals follow a three-day buying streak
U.S. spot Bitcoin funds lost approximately $635.5 million on October 22, ending a three-day buying streak that had attracted more than $1 billion. On October 23, they reportedly recorded another $137.9 million in net withdrawals, according to Farside Investors.
Together, the two sessions produced approximately $773.4 million in net outflows. Bitcoin has lost approximately 3.3% month to date, and the latest price sits near the lower end of an October range of roughly $79,700 to $86,800.
Whale holdings improve but stay negative
CryptoQuant analyst CW8900 said the one-year change in whale holdings had recovered from approximately -282,000 BTC to -39,000 BTC. The indicator remains negative, so the one-year change has not yet turned positive.
Separate reports of 32,380 BTC moving onto exchanges raised concerns about potential selling. However, transfers into trading platforms do not necessarily establish completed sales.
Support sits near $80,000
On the daily chart, Bitcoin traded at $80,626, below its 20-day simple moving average of $82,368.62. The lower Bollinger Band sat near $80,012.66, with the upper band at $84,724.59.
Another breakdown below $80,000 would put $78,000 and potentially $75,000 into focus, according to the report.
Source: crypto.news
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