Bitcoin has recovered above USD 80,000 after a weekend sell-off, but the cryptocurrency remains below key technical levels as U.S. spot Bitcoin funds record fresh withdrawals. On October 25, BTC traded around USD 80,500 after briefly falling toward USD 79,145, with investors awaiting the Federal Reserve's October 27–28 meeting.
Bitcoin briefly slipped below USD 80,000 on October 24 before buyers pushed it back above that level. The decline followed several days of weakness in cryptocurrency and technology markets while uncertainty surrounding the Middle East added pressure to risk assets.
The sell-off triggered forced closures of leveraged positions. CoinGlass figures showed approximately USD 546.88 million in crypto liquidations during one 24-hour reporting period. Liquidation totals changed as positions continued to close, so figures varied depending on the reporting time.
Despite the recovery, Bitcoin remained below its 30-day simple moving average near USD 83,168. Its relative strength index stood at 44.21, while a negative MACD histogram showed that recent downward momentum had not reversed.
U.S. spot Bitcoin exchange-traded funds recorded USD 635.6 million in net withdrawals on October 22 and another USD 137.9 million on October 23, according to Farside Investors. That brought the two-session total to approximately USD 773.5 million.
BlackRock's IBIT and Fidelity's FBTC accounted for much of the selling. On October 22, the two funds registered outflows of USD 254.1 million and USD 217.5 million, respectively. Both recorded further withdrawals the following day, extending the recent ETF withdrawals.
The reversal came after three consecutive sessions of inflows totaling about USD 1.07 billion between October 19 and 21. Consequently, the latest withdrawals reduced, but did not erase, the purchases recorded during the trading week.
CryptoQuant analyst CW8900 reported that the one-year change in Bitcoin whale holdings had improved from approximately minus 282,000 BTC to minus 39,000 BTC. The shift showed that the pace of net selling by large holders had eased.
However, the indicator remained below zero. The reading does not establish that whales have become net buyers over the full one-year period, even though their holdings have recovered from the previous low.
Another CryptoQuant assessment found that total whale holdings increased by about 60,000 BTC from late August. Meanwhile, large Bitcoin wallet transfers remained under scrutiny, although transfers alone do not confirm purchases or sales.
Other market measures remained weak. The Crypto Fear & Greed Index stood at 45, classified as neutral, compared with 73 a month ago. Derivatives open interest had dropped 16.88% over 30 days, while reported spot trading volume fell 49.17%.
Bitcoin faces immediate support near USD 79,145, the low recorded during the weekend decline. A move below that area would leave the 200-day simple moving average around USD 72,900 as a longer-term technical reference, although prices could encounter support between those levels.
On the upside, Bitcoin would need to reclaim USD 83,146, near its 50% Fibonacci retracement, before testing resistance around USD 85,258. These chart levels represent potential trading zones rather than guaranteed price targets.
The Federal Reserve has scheduled its next policy meeting for October 27–28, with a decision and press conference on October 28. Traders will assess the central bank's comments on inflation and interest rates alongside the next session of Bitcoin ETF flow data.
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