Key Takeaways
- • US spot Bitcoin ETFs recorded net outflows of $643.3 million on October 30, with BlackRock's IBIT and Fidelity's FBTC leading withdrawals, according to Alpha Maven.
- • Strategy accumulated 811 BTC worth approximately $65.5 million between October 26 and November 1, per The Block, partially absorbing available supply.
- • Bitcoin traded near $76,600 at the time of reporting, down about 2.18% on the day, and sits below its short- and medium-term moving averages while remaining above its long-term average.
- • Technical indicators skew bearish: MACD and ADX signal weakness, RSI and CCI point to seller dominance, and the Ichimoku Kijun at $77,709 serves as immediate resistance.
- • The forecast range is $75,403 to $77,928, with a 76% probability assigned to a downside move versus 24% for an upside move.
Summary
US spot Bitcoin exchange-traded funds recorded net outflows of $643.3 million on October 30, according to Alpha Maven, with BlackRock's IBIT and Fidelity's FBTC accounting for most of the withdrawals. The reduction in institutional exposure has added downward pressure on near-term Bitcoin demand, the report notes.
Offsetting part of that selling, Strategy accumulated 811 BTC worth approximately $65.5 million between October 26 and November 1, as reported by The Block. The purchases absorb some available supply and point to continued interest from corporate buyers. Other developments in the same period included the release of Bitcoin Core 32.1, which brought network privacy and compatibility updates according to TradingView, and a Binance security incident that contributed to brief volatility, as noted by Crypto.
On the technical front, Bitcoin trades below its MA-20 and MA-50 on the H1 timeframe but remains above the MA-200 on the daily chart. The Ichimoku Kijun level at $77,709 stands as immediate resistance. MACD and ADX signal weakness, while RSI, CCI, and Bull/Bear Power point to seller dominance. The Stochastic RSI is in overbought territory, which could produce short-term volatility or a rebound attempt, and the Awesome Oscillator is neutral.
The article's proprietary model projects a sideways corridor of $75,403 to $77,928 over the next few days, with a 76% probability of a downside move and 24% for an upside move. A break above $77,709 would open the door to further gains, while sustained trading below current support would expose the price to additional near-term downside. The analysis is presented as a forecast and is not investment advice.
Offsetting part of that selling, Strategy accumulated 811 BTC worth approximately $65.5 million between October 26 and November 1, as reported by The Block. The purchases absorb some available supply and point to continued interest from corporate buyers. Other developments in the same period included the release of Bitcoin Core 32.1, which brought network privacy and compatibility updates according to TradingView, and a Binance security incident that contributed to brief volatility, as noted by Crypto.
On the technical front, Bitcoin trades below its MA-20 and MA-50 on the H1 timeframe but remains above the MA-200 on the daily chart. The Ichimoku Kijun level at $77,709 stands as immediate resistance. MACD and ADX signal weakness, while RSI, CCI, and Bull/Bear Power point to seller dominance. The Stochastic RSI is in overbought territory, which could produce short-term volatility or a rebound attempt, and the Awesome Oscillator is neutral.
The article's proprietary model projects a sideways corridor of $75,403 to $77,928 over the next few days, with a 76% probability of a downside move and 24% for an upside move. A break above $77,709 would open the door to further gains, while sustained trading below current support would expose the price to additional near-term downside. The analysis is presented as a forecast and is not investment advice.
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