Bitcoin dips near $82K amid ETF outflows and Fed rate hike concerns
Bitcoin's price dropped 1.8% to around $82,652, nearing a key support zone of $82,000-$83,000. The decline followed significant outflows from spot Bitcoin ETFs totaling $487 million on October 7, after a previous inflow of $118 million. Additionally, about $546 million in liquidations occurred, mostly from long positions. Market watchers are also focused on the Federal Reserve's recent rate hike to 3.75%-4.00% and the possibility of another increase by year-end, which could impact crypto markets further. The Fed's next meeting is scheduled for October 27-28.
Bitcoin's price dropped 1.8% to around $82,652, nearing a key support zone of $82,000-$83,000. The decline followed significant outflows from spot Bitcoin ETFs totaling $487 million on October 7, after a previous inflow of $118 million. Additionally, about $546 million in liquidations occurred, mostly from long positions. Market watchers are also focused on the Federal Reserve's recent rate hike to 3.75%-4.00% and the possibility of another increase by year-end, which could impact crypto markets further. The Fed's next meeting is scheduled for October 27-28.
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