Key Insights
- Bitcoin (BTC) price tested $81,500 support after rejection near $84,800, raising downside risks.
- U.S. spot Bitcoin ETFs recorded $635.6 million in withdrawals on Oct. 22, reversing three inflow sessions.
- Analysts outlined downside targets near $75,000 and potential recoveries toward $90,500 and $100,000.
Bitcoin price hovered near $81,700 on Oct. 23 after another failed attempt to sustain higher levels. CoinMarketCap data placed the asset near the $81,500 support that several chart analysts had identified. Their assessments split between another decline toward $75,000 and a recovery toward $90,500 or higher for the BTC crypto price.
The debate sharpened after U.S. spot Bitcoin exchange-traded funds recorded $635.6 million in net withdrawals Thursday. Farside Investors showed the reversal followed three consecutive sessions of positive flows. A Bitcoin price recovery required new buying, although daily fund activity could not predict the next move.
Bitcoin Price Faces $81,500 Support After Rejection
That Martini Guy wrote on X that Bitcoin had faced rejection around $84,800. The analyst placed immediate support at $81,500 and identified $79,500 as a possible next destination. A break below that threshold would weaken the near-term recovery scenario for BTC outlined in the post.
Alex Marzell offered a broader downside scenario in a separate X assessment. He described the $81,000–$82,000 region as the channel midpoint following a rejection near $88,000. Losing that region could open a move toward the channel’s $75,000 support, he argued.
Bitcoin price therefore faced two distinct downside checkpoints rather than a single definitive crash target. For BTC crypto traders, losing $81,500 could expose $79,500, followed by the deeper $75,000 scenario. Neither level represented a confirmed destination; both reflected conditional interpretations of the chart.
Pierre, another market commentator, also focused on the $79,000–$80,000 region. In his X assessment, a sustained loss of that band could expose moving-average support between $73,000 and $76,000. For the Bitcoin price, he considered a recovery above $84,000 capable of triggering a move toward $89,000–$90,000.
Bitcoin ETF Withdrawals Reverse Recent Inflows
Farside Investors recorded $635.6 million in net U.S. spot Bitcoin ETF outflows on Oct. 22. BlackRock’s IBIT accounted for $254.1 million, while Fidelity’s FBTC contributed another $217.5 million. ARK 21Shares’ ARKB also registered $109.4 million in net redemptions that session.
The withdrawals followed inflows of $526.7 million on Monday, $23.2 million on Tuesday, and $524.8 million on Wednesday. Those sessions delivered approximately $1.075 billion before Thursday’s reversal.
Despite the latest withdrawals, the four-session weekly balance remained positive by approximately $439.1 million, based on Farside figures.
Bitcoin price pressure and ETF redemptions coincided, but the figures did not establish direct causation. An ETF outflow measures net investor share redemptions, not a declaration that its sponsor abandoned Bitcoin. BlackRock describes IBIT as a vehicle seeking to reflect Bitcoin’s price through exchange-traded exposure.
The daily reversal also tested institutional demand. BlackRock’s own product information showed that IBIT’s net asset value fell 3.64% on Oct. 22. The price decline and redemptions reflected different activity; investors could not treat them as interchangeable.
Bitcoin Price Bulls Identify $90,500 and $100,000 Targets
CrediBULL Crypto expected Bitcoin price to rebound, according to an X post. The analyst pointed to roughly $90,500 as a previous swing high worth reclaiming. That projection relied on renewed upward momentum rather than a verified breakout.
Crypto Patel outlined a more ambitious target beyond $100,000. The commentator cited $87,300 as a critical resistance barrier and $66,000 as an important prior breakout zone. His Bitcoin price roadmap depended on the broader bullish structure, leaving the six-figure target conditional.
The price of Bitcoin would first have to clear nearby resistance before either upside scenario gained support. That Martini Guy identified $83,500 as an initial recovery threshold, while Pierre watched $84,000. A move through those levels could bring $87,300 into focus before $90,500.
BTC Crypto Outlook Hinges on the Next Confirmed Break
Satoshi Stacker highlighted the ETF reversal and an estimated U.S. spot ETF holder cost basis near $81,000. That cost-basis figure came from the analyst’s commentary, not independently verified issuer-level purchase records. That estimate placed Bitcoin price near chart support, making $81,000 a closely watched reference.
SuperBitcoinBro presented a bullish interpretation of the current range. The analyst described support near the bottom of a prolonged consolidation and favored buying exposure there. However, that view did not establish when a sustained recovery might begin or rule out another decline.
For now, Bitcoin price remains subject to competing technical scenarios. Breaking $79,500 could expose $75,000. Conversely, reclaiming $84,000 could favor higher resistance tests. Neither outcome follows automatically from a single daily price move or an ETF flow report.
This article is for informational purposes only and does not constitute financial advice. Cryptocurrency prices are volatile, and readers should assess risks independently before making investment decisions.
