A pullback in oil and a firmer start for U.S. stock futures are giving bitcoin room to climb past $82,000 on Monday.
BTC changed hands near $83,007 as of 09:38 UTC, up about 1.1% over 24 hours, according to CoinGecko data. Over that 24-hour window it traded between $80,672 and $83,035, while ether rose about 0.8% and Solana about 1.7%, CoinGecko data showed.
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Levels Analysts Flagged
Monday’s price leaves bitcoin above the average price U.S. spot ETFs paid for their coins, which onchain analytics firm Glassnode put at about $81,500 in its Oct. 14 weekly report. Glassnode’s Frederik Theissen wrote in that report that “a return to steady ETF inflows would be the clearest sign that demand is back.”
Nexo analyst Iliya Kalchev set out a similar test in the firm’s Oct. 16 market note, written before Monday’s bounce: “For Bitcoin, a move back above $84,000 and a second day of ETF inflows are the signs buyers are returning, with the $80,000 area, defended three times in a week, the level to hold.”
ETF Flows and Oil
Fund flows haven’t turned yet. U.S. spot bitcoin ETFs shed $681 million in the week ended Oct. 9 and another $228.6 million in the week ended Oct. 16, according to SoSoValue.
Front-month Brent futures were at $108.47 a barrel as of 09:29 UTC, down 1.3% from Friday’s $109.86 close, according to Yahoo Finance data. Friday’s close was the highest since May 19. Nasdaq 100 futures rose 1.1% and S&P 500 futures gained 0.5% as of 09:29 UTC, according to Yahoo Finance data.
A Rough Week Behind It
Bitcoin ended last week about 2% lower, CoinGecko data show, after hotter-than-expected September inflation data on Oct. 14 pushed it toward $80,500 the next day.
James Butterfill, head of research at CoinShares, wrote in an Oct. 16 market update that the slide was “a reminder of how sensitive Bitcoin remains to monetary policy over short horizons.”
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