Bitcoin pulled back after briefly rallying above $84,000 on Wednesday, slipping 0.3% over the past 24 hours to trade below $82,500. The cryptocurrency’s momentum has stalled as sellers maintain pressure near key resistance levels.
Resistance holds despite ETF inflows
Buyers attempted to extend the recent recovery, supported by improved derivatives positioning and efforts to defend the lower edge of Bitcoin’s trading range. Despite these attempts, the presence of major sell orders and liquidation levels between $84,000 and $87,000 limited further advances.
Open interest in Bitcoin futures across major exchanges rose 4.2% from its October 12 low, reaching $52.60 billion by October 20. Over the last 24 hours, open interest increased further to $53.66 billion. However, this rise did not propel Bitcoin’s price beyond the $85,000 mark.
The current long-to-short ratio stands at 1.0133, suggesting bulls continue to hold a slight edge in the market. Even so, the inability of buyers to breach resistance coincides with traders preparing for Friday’s options expiry event.
Friday’s options expiry involves $1.23 billion in notional open interest, with the maximum pain price calculated near $82,000. This price marks the level at which aggregate payouts to option holders would be the lowest, although it does not guarantee where Bitcoin will settle.
The monthly options expiry set for October 30 represents a significantly larger event, carrying $11.2 billion in notional open interest. The implied one-standard-deviation price range for this contract stretches from $78,300 to $87,100, indicating both support and resistance zones remain narrowly defined.
US spot Bitcoin ETFs attracted about $526 million in net inflows on Monday, followed by $528 million on Wednesday—the largest daily total since September 22. These inflows reversed the previous week’s negative trend, though ETF trading activity itself remained muted.
As Bitcoin continues to hover below $85,000, market participants are closely monitoring whether the support zone just under $80,000 can withstand further selling pressure in the coming days.
| Key Metric | Value | Reference |
|---|---|---|
| Current price | $82,500 | Past 24 hours |
| Resistance level | $84,000–$87,000 | Recent trading |
| Open interest (OI) | $53.66 billion | Past 24 hours |
| Options expiry size | $1.23 billion | Friday’s expiry |
| ETF inflows (Mon/Wed) | $526M / $528M | This week |
Technical outlook and market indicators
Bitcoin’s BTC/USD 4-hour chart indicates prices have largely ranged between $80,000 and $84,000, reflecting an indecisive market environment. On Wednesday, the cryptocurrency failed to surpass the sell wall near $84,261 and has since slipped below $82,400.
Technical signals point to neutral conditions. The Relative Strength Index (RSI) currently reads 56, mildly above the neutral midpoint of 50. Similarly, the Stochastic indicator stands at 53 and the MACD lines remain close to a neutral stance. These readings suggest buyers still retain some control, but bullish momentum appears to be losing strength.
Despite renewed ETF inflows and robust open interest, Bitcoin’s price remains range-bound as resistance above $84,000 proves to be an obstacle and key support at $79,676 becomes a critical level to watch for any near-term direction.
A continued selloff could drive Bitcoin below $80,000, putting the $79,676 support back into focus. This level has held strong during the last three market pullbacks. Should it hold again, bulls may attempt another push toward the $84,261 resistance level.
A clear daily close above this resistance could shift market attention toward the next major sell wall near $87,000, yet for now, Bitcoin remains locked in its established trading range with no clear breakout in sight.
