Key Takeaways
- • Bitcoin fell more than 2% on Thursday to trade below $83,000 (about $82,287 at time of writing), threatening to erase gains from earlier in the week, according to FXStreet.
- • Spot Bitcoin ETFs recorded a third consecutive day of inflows, with a $528.40 million inflow on Wednesday per SoSoValue data, and weekly flows exceeding $1 billion through Wednesday, breaking two weeks of outflows.
- • Swiss regulator FINMA approved the Bitcoin Fund ETF (BBIT) from BIT Asset Management AG, described as the first Swiss ETF to invest directly in Bitcoin and Europe's only spot Bitcoin ETF, with trading expected on the SIX Swiss Exchange in November.
- • Escalating Middle East tensions, including IRGC naval actions in the Persian Gulf and reported US-Israeli military planning against Iran, are capping risk appetite and BTC's recovery.
- • Technically, BTC remains above its 50-, 100- and 200-day EMAs (roughly $76,100 to $80,900), but RSI near 49 and a negative MACD histogram signal cooling momentum, with resistance near $85,000 and support near $80,873.
Summary
Bitcoin (BTC) declined more than 2% on Thursday, trading below $83,000 and threatening to erase its gains from earlier in the week, according to FXStreet. Despite the pullback, institutional demand showed signs of recovery. SoSoValue data cited in the report show spot Bitcoin ETFs recorded a $528.40 million inflow on Wednesday, the third consecutive day of inflows so far this week. Weekly flows had exceeded $1 billion through Wednesday, breaking two consecutive weeks of outflows. The report notes that if these inflows continue and intensify, BTC could extend its rebound.
Separately, BIT Asset Management AG, a wholly owned Swiss asset management subsidiary of BIT, announced that the Swiss Financial Market Supervisory Authority (FINMA) approved the Bitcoin Fund ETF (BBIT). As FINMA confirmed, it is the first exchange-traded fund in Switzerland to invest directly in Bitcoin and is currently Europe's only spot Bitcoin ETF. The fund is expected to begin trading on the SIX Swiss Exchange in November. The report suggests the launch could broaden institutional access to BTC and encourage wider adoption.
Geopolitical risk remains a headwind. Iran's Islamic Revolutionary Guard Corps (IRGC) Navy said on Thursday that four vessels involved in illegal oil transfers in the northern Persian Gulf were hit and caught fire after being tracked by its forces on Wednesday, as reported by Reuters. The IRGC also said three more vessels collided with mines west of the Strait of Hormuz and warned the US military that continued provocations could lead to a wider response against its regional bases. Iran's Foreign Minister, Abbas Araghchi, said the country is prepared for diplomacy while emphasizing its readiness to defend itself, but added there was little reason to expect progress as the US had shown no willingness to reach an understanding. The New York Times separately reported that the US and Israel have drafted plans for a short but intense military campaign against Iran after the US midterm elections. FXStreet characterizes these developments as keeping the geopolitical risk premium in play and capping BTC's recovery.
On the technical side, BTC traded at $82,287 at the time of writing, with price holding above the 50-day, 100-day and 200-day Exponential Moving Averages, which cluster between roughly $80,900 and $76,100. The report says this stacked configuration suggests the broader uptrend remains intact. However, a Relative Strength Index near 49 and a negative MACD histogram suggest upside momentum has cooled and BTC is consolidating. Immediate resistance is seen near $85,000, where a break higher would expose fresh highs. On the downside, initial support is the 50-day EMA around $80,873, followed by the 100-day EMA near $77,458 and the 200-day EMA near $76,138. The technical analysis was written with the help of an AI tool, according to the publisher.
Separately, BIT Asset Management AG, a wholly owned Swiss asset management subsidiary of BIT, announced that the Swiss Financial Market Supervisory Authority (FINMA) approved the Bitcoin Fund ETF (BBIT). As FINMA confirmed, it is the first exchange-traded fund in Switzerland to invest directly in Bitcoin and is currently Europe's only spot Bitcoin ETF. The fund is expected to begin trading on the SIX Swiss Exchange in November. The report suggests the launch could broaden institutional access to BTC and encourage wider adoption.
Geopolitical risk remains a headwind. Iran's Islamic Revolutionary Guard Corps (IRGC) Navy said on Thursday that four vessels involved in illegal oil transfers in the northern Persian Gulf were hit and caught fire after being tracked by its forces on Wednesday, as reported by Reuters. The IRGC also said three more vessels collided with mines west of the Strait of Hormuz and warned the US military that continued provocations could lead to a wider response against its regional bases. Iran's Foreign Minister, Abbas Araghchi, said the country is prepared for diplomacy while emphasizing its readiness to defend itself, but added there was little reason to expect progress as the US had shown no willingness to reach an understanding. The New York Times separately reported that the US and Israel have drafted plans for a short but intense military campaign against Iran after the US midterm elections. FXStreet characterizes these developments as keeping the geopolitical risk premium in play and capping BTC's recovery.
On the technical side, BTC traded at $82,287 at the time of writing, with price holding above the 50-day, 100-day and 200-day Exponential Moving Averages, which cluster between roughly $80,900 and $76,100. The report says this stacked configuration suggests the broader uptrend remains intact. However, a Relative Strength Index near 49 and a negative MACD histogram suggest upside momentum has cooled and BTC is consolidating. Immediate resistance is seen near $85,000, where a break higher would expose fresh highs. On the downside, initial support is the 50-day EMA around $80,873, followed by the 100-day EMA near $77,458 and the 200-day EMA near $76,138. The technical analysis was written with the help of an AI tool, according to the publisher.
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