Resistance at $83,000 Triggers Volatile Trading
Bitcoin rebounded Friday to briefly reclaim $83,000, signaling a potential end to a downturn that dragged the cryptocurrency to multi-week lows. The decline, fueled by more than $700 million in spot bitcoin exchange-traded fund (ETF) outflows this week, dampened analyst expectations for a record-setting October.
Market data shows that immediately after plunging to a month-to-date low of $80,308 just after midday Thursday, the cryptocurrency’s price reversed course, climbing all the way to $81,400 by 2:35 p.m. ET. The price then slowly rose to reach $82,500 by Friday morning before taking just 15 minutes to land just above $83,400 a few minutes before 8 a.m.
