Bitcoin Price Struggles Below $84K as BTC ETFs Record $65.4M in Outflows

Bitcoin price faced renewed pressure as U.S. spot exchange-traded funds (ETFs) recorded $65.4 million in net outflows. The withdrawals came on Monday, Oct. 12, reversing the previous trading session’s modest inflows.

BlackRock’s iShares Bitcoin Trust (IBIT) accounted for the entire daily net withdrawal, according to Farside Investors. Meanwhile, Ethereum ETFs reported another $85.4 million in outflows, extending their withdrawal streak to 10 sessions.

Bitcoin also struggled to sustain its recent recovery, with traders monitoring resistance around $84,000. The weakening ETF flows introduced another concern as buyers assessed the next directional move.

Bitcoin Price Today: BTC Struggles Below $84,000 as ETF Outflows Return

BTC dipped toward $81,000 before buyers stepped in. The recovery since then has been quick, with a run of green hourly candles taking the Bitcoin price back to the $84,000 area. That level has capped every push higher so far.

The timing of the bounce stands out. It arrived while ETF investors were still pulling money out, so spot buying on exchanges is doing most of the heavy lifting. If outflows keep building, that support could thin out fast.

Total net assets across Bitcoin ETFs now stand at $106.06 billion, down from $110.77 billion on October 5. Part of that drop comes from lower BTC prices and part from redemptions.

Bitcoin ETFs Record $65.4M in Outflows After a Brief Inflow

Monday’s $65.4 million outflow came right after a modest $21.13 million inflow on Friday, October 9.

Bitcoin ETFs saw $681.1 million in net outflows for the week ending October 9. Most of the damage came midweek, with $487.07 million leaving on October 7 and another $244.13 million on October 8. The prior week had closed with $241.09 million in net inflows.

Trading activity also cooled. Total value traded on Monday came in at $1.23 billion, well below the $3.18 billion seen on October 8.

Ethereum ETFs are in a weaker spot. Spot ETH funds lost $85.4 million on October 12, their eighth straight day of outflows.

Between October 1 and October 12, roughly $720 million left these products. Total net assets for Ethereum ETFs dropped to $15.86 billion from $17.71 billion at the start of the month.

Bitcoin Price Analysis: Can BTC Reclaim $84,000?

On the 1-hour chart, BTC shows short-term bullish strength after recovering from the $81,000 to $82,000 range. Consecutive green candles point to real buying pressure, and the Bitcoin price is now testing the $84,000 zone.

The RSI readings sit at roughly 76, 64 and 58. The fastest line is above 70, which suggests strong buying but also leaves room for a short pullback. The MACD histogram has turned positive with expanding green bars, so upward pressure is growing in the short term.

In the bullish case, BTC breaks above $84,000 to $84,500 and holds that zone on a retest. The next target would be $85,000, followed by the previous high near $86,700.

In the bearish case, BTC fails at resistance and sellers return. The Bitcoin price could then slide back to $83,000, and a deeper correction could revisit the $81,000 to $81,500 zone.

What Comes Next for the Bitcoin Price

The short-term bias leans bullish, but resistance is close. The rebound, the positive MACD and the rising RSI favor buyers for now. The fastest RSI is already running hot, so chasing the rally before a confirmed breakout carries risk.

$84,500 is the level that matters most. A clean break above it could extend the recovery toward $86,700. A rejection could send the Bitcoin price back toward support near $83,000.

ETF flows remain the wild card. Another week of heavy redemptions would make any breakout harder to hold.

This article is for informational purposes only and does not constitute financial or investment advice.