Bitcoin remained under pressure Thursday, trading below $83,000 as substantial ETF withdrawals and macroeconomic headwinds weakened demand.
BTC changed hands around $82,388, down more than 4% this week, after failing to overcome resistance near $87,000 and closing below $85,000 the previous day.
Despite the correction, Bitcoin remained above its major daily moving averages, preserving a constructive longer-term structure while short-term momentum softened.
Bitcoin ETFs record $487 million in daily withdrawals
US spot Bitcoin ETFs registered $487.07 million in net outflows Wednesday, according to SoSoValue.
The withdrawals were the largest recorded in a single session since June 25, highlighting a deterioration in demand through the investment products.
Further outflows could make Bitcoin’s recovery more difficult by removing a source of buying support.
However, one large negative session does not establish that withdrawals will continue at the same pace.
The next trading sessions will help determine whether Wednesday’s redemptions mark a sustained shift or a temporary reduction in exposure.
The bearish performance comes after Lookonchain reported Thursday that US government-linked wallets transferred approximately $566 million in assets over ten hours.
The transfers included 4,632 BTC, 119 million USDT, and 750 wrapped Bitcoin, with most of the funds reportedly moving to Coinbase Prime.
Such movements can raise concerns about potential sales, but a transfer to an institutional platform does not establish that assets have been sold.
It may also reflect custody or other operational activity.
Separately, a long-dormant holder transferred 4,500 BTC after more than four years of inactivity.
An eventual move to an exchange could increase speculation about selling intentions.
The reported transfer alone, however, does not confirm liquidation of the holdings.
The US Dollar Index held around 102.36 on Thursday after reaching 102.53 on Monday, its highest level since early April 2025.
Meanwhile, the US 10-year Treasury yield remained above 5.30% after reaching a two-decade high earlier in the week.
Higher yields increase the appeal of interest-bearing assets and can reduce demand for riskier investments.
Minutes from the September 15–16 Federal Open Market Committee meeting showed unanimous support for raising the federal funds rate target range.
Most officials also expected another increase would likely be appropriate before year-end to address persistent inflation.
That policy outlook reinforced the pressure from elevated yields and a firm dollar.
Bitcoin technical outlook: $85,000 becomes resistance
Bitcoin’s close below $85,000 turned a previously important support level into an immediate recovery hurdle.
A clear daily close back above it would improve the near-term setup and bring the recent $87,000 highs into focus.
On the downside, the 50-day exponential moving average near $79,704 provides the next significant support reference.
Below that, the 100-day EMA at $75,857 and the 200-day EMA at $75,242 form a further support band.
More distant horizontal levels stand at $66,500 and $62,300.
The Relative Strength Index has dropped to 49, indicating a growing bearish momentum.
A negative MACD histogram showed that bullish momentum had weakened, although Bitcoin’s position above its major moving averages still supported the broader technical structure.
For now, reclaiming $85,000 would strengthen the recovery case, while continued ETF withdrawals and macroeconomic pressure could bring lower support into play.
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