Bitcoin slipped below $84,000 during Asian trading on Wednesday as investors awaited the Federal Reserve’s latest meeting minutes and monitored a renewed rise in oil prices. The move came despite a return to net inflows for U.S.-listed spot Bitcoin exchange-traded funds.
Higher energy prices have revived concerns that inflation could remain persistent, potentially limiting the Federal Reserve’s ability to ease monetary policy. While expectations for an October rate increase have weakened, markets continue to assess the possibility of further tightening by December.
ETF inflows fail to lift Bitcoin
U.S. spot Bitcoin ETFs recorded $118.8 million in net inflows on October 6, according to Farside data cited in the report. That followed $89.8 million in outflows on October 5, marking a sharp reversal in daily fund flows.
The renewed buying provided a positive signal, but it was not strong enough to prevent Bitcoin from falling below $84,000. The uneven flow pattern suggests that institutional demand has yet to develop into consistent support for a sustained recovery. Continued inflows, combined with stronger spot-market buying, could improve the outlook.
Oil prices add to policy uncertainty
Oil prices moved higher as a storm approached the Gulf of Mexico and attacks in the Middle East increased concerns about possible supply disruptions. A prolonged rise in energy costs could put additional pressure on inflation and strengthen expectations for further rate increases.
The Federal Reserve’s meeting minutes could therefore influence both Bitcoin and gold by changing expectations for interest rates. A more hawkish account of the central bank’s discussions could weigh on risk assets, while a more patient policy stance could provide support.
$80,000-$82,000 zone remains key
Bitcoin’s near-term technical support is identified around $80,000 to $82,000. Holding that area would preserve the constructive setup described in the analysis, while a sustained move above $87,000 could bring the $100,000 level back into focus.
A break below $80,000 would weaken that outlook and expose the $70,000-$75,000 range. If losses continued below $70,000, support near $65,000 could become relevant. On the weekly chart, a broader support zone sits between $50,000 and $60,000.
The longer-term analysis also points to a potential cup formation within an ascending channel, with a move above $100,000 potentially opening the way toward $150,000. These levels remain conditional projections rather than guaranteed targets. For now, Bitcoin’s immediate direction is likely to depend on whether it can defend the $80,000-$82,000 area while investors digest the Fed minutes and the inflation implications of higher oil prices.
