Bitunix analysts flag $82,800 as pivotal Bitcoin level as ETF demand weakens

Bitunix Analysts Flag $82,800 as Pivotal Bitcoin Level as ETF Demand Weakens

Analysis of Bitcoin's Recent Performance

US spot Bitcoin ETFs recorded $729 million in net outflows over the past two trading sessions, according to Farside Investors data. This decline in ETF demand coincides with Bitcoin's struggle to recover a former breakout level near $86,995.

Bitunix's Pivotal Level

In commentary shared with Crypto Briefing, Bitunix analysts flagged $82,800 as the first level Bitcoin needs to reclaim to regain momentum. Their analysis placed BTC near $82,500 following a rebound from a low around $80,434.

Derivatives Exposure and Liquidations

The exchange reported a decline in derivatives exposure, with open interest falling to $26.972 billion on October 8. Liquidations showed that bullish positions absorbed most of the losses, with approximately $220.17 million in Bitcoin long liquidations against $45.71 million in shorts.

Market Outlook

Trader positioning remained divided, with two of the larger account groups holding substantially more short exposure than long exposure. However, groups labeled 'Super Whales' and 'Smart Money' leaned long. Bitunix cautioned that heavy liquidations alone do not confirm a market bottom, emphasizing the need for price stabilization and renewed spot demand.

Potential Support Areas

If selling intensifies, Bitunix identified $70,500 to $72,900 as a deeper potential support area. A sustained move above $82,800, accompanied by healthier derivatives positioning and easing ETF outflows, could support another test of the $85,000 to $87,000 region.