Bitcoin slips below $84,000 ahead of FOMC minutes

Bitcoin Price Slips Below $84,000 \ \ The Bitcoin price has slipped below $84,000 during the Asian session, despite a return to inflows into U.S. spot Bitcoin exchange-traded funds. \ \ \ The moves highlight uncertainty over monetary policy, with investors awaiting the Federal Reserve's meeting minutes. Expectations for an October rate increase have eased, but investors continue to anticipate a significant possibility of further tightening by December. \ \ \ ETF inflows return, but Bitcoin struggles to advance \ \ U.S.-listed spot Bitcoin ETFs recorded $118.8 million in net inflows on October 6, following $89.8 million in outflows on October 5. The reversal offered a supportive demand signal, but it did not prevent Bitcoin from falling below $84,000 the following morning. \ \ \ The uneven flows suggest that investment demand has yet to provide consistent backing for a sustained advance. Continued inflows would strengthen the recovery case, particularly if accompanied by firmer spot buying. \ \ \ A stronger preference for additional rate increases could pressure both assets. Higher interest rates raise the appeal of interest-bearing investments and increase the opportunity cost of holding gold or Bitcoin. \ \ \ A more patient policy tone could provide support, but rising energy prices complicate that outlook. Oil advanced Wednesday as a storm approaching the Gulf of Mexico and attacks in the Middle East raised concerns about supply disruptions. \ \ \ If higher energy costs sustain inflation, expectations for further monetary tightening could strengthen. Bitcoin price outlook: $80,000 support remains crucial \ \ Bitcoin's daily chart shows consolidation within an ascending broadening wedge, with immediate support around $80,000-$82,000. Holding that zone would preserve the constructive near-term scenario outlined in the analysis. A sustained move above $87,000 could then put the $100,000 level in focus. \ \ \ A break below $80,000 would weaken that setup and expose the 70,000-75,000 range. Further losses below $70,000 could bring support around $65,000 into view. On the weekly chart, analysts identify a longer-term support zone between $50,000 and $60,000 and a potential cup formation within an ascending channel. \ \ \ A future breakout above $100,000 could support an extension toward $150,000 under that bullish scenario. Those levels remain conditional technical projections rather than assured outcomes. \ \ \ Bitcoin's renewed ETF inflows provide encouragement, but stronger and more persistent demand would be needed to absorb selling and sustain a breakout. The immediate technical focus remains on defending $80,000-$82,000 and overcoming $87,000 resistance. \ \ \ Meanwhile, the FOMC minutes and energy-driven inflation concerns could influence both Bitcoin and gold through changes in rate expectations. Failure to hold Bitcoin's nearby support would instead increase the risk of a deeper correction.