Bitcoin falls below $82,000 again, trading around $81,382 on Tuesday, down 1.6% in 24 hours and 2.9% over the past week, after failing to hold Monday’s weekend gains.
The world’s largest cryptocurrency is now down about 7% so far this year, with a market value of around $1.63 trillion. Ethereum also slipped about 2% to $2,382.
Why Bitcoin falls below $82,000
Several factors are weighing on the market. US spot Bitcoin ETFs have continued to see outflows, with about $228.6 million leaving last week after roughly $681 million the week before. The pace has slowed, but money is still moving out.
US inflation also came in higher than expected, with September consumer prices rising 3.7% against forecasts of 3.6%, reducing hopes of early interest rate cuts. The Federal Reserve’s next policy meeting is on October 27-28.
Tensions around the Strait of Hormuz have pushed oil prices higher, adding to caution across riskier assets.
Key levels to watch
Traders see support near $81,144, followed by the $80,000 mark and the $77,500-$78,000 range. On the upside, Bitcoin needs a daily close above about $82,587 and then $83,457 to show renewed strength.
Overall market sentiment is neutral, with the crypto Fear and Greed index at 49 and total crypto market value near $2.74 trillion.
Crypto prices are highly volatile, and readers should do their own research before making any investment decision.
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