Bitcoin (CRYPTO: BTC) on Wednesday reclaimed $84,000 after gaining around 2.5% as renewed ETF inflows and slowing profit-taking supported a recovery from last week’s low.

Bitcoin Defends Critical Support

Bitcoin briefly dipped to $80,100 on Oct. 15 before recovering above the average cost basis of U.S. spot Bitcoin ETFs.

Glassnode data shows that the $80,000 to $81,500 range remains critical support, reinforced by corporate treasury holdings and replenished Binance buy orders.

Resistance sits at $85,000 to $87,500, where sell orders and liquidation clusters converge.

A breakout above $87,500 could trigger short liquidations, while losing $80,000 risks a decline toward $77,600.

Bitcoin ETF Inflows Rebound As Profit-Taking Slows

U.S. spot Bitcoin ETFs attracted almost $653 million in net inflows on Oct. 19, their largest daily inflow since Sept. 22, reversing a week of outflows.

But, trading activity remains subdued, with the funds’ 30-day average volume falling to less than a quarter of its level a year earlier.

On-chain data also indicates easing selling pressure, with realized profits dropping to roughly half their pace during the week of Bitcoin’s September high.

Bitcoin treasury companies have significantly reduced their purchases, with monthly buying since June remaining below 10% of the November 2024 peak.

Fed Decision, MSCI Changes Could Test Bitcoin Rally

Bitcoin faces two major catalysts as investors assess macroeconomic risks and institutional demand.

• Federal Reserve’s Oct. 28 interest rate decision comes amid rising oil prices, persistent inflation and a two-year Treasury yield near 4.8%. Higher borrowing costs could pressure risk assets, including cryptocurrencies.
• MSCI will publish its final list of companies affected by its new non-operating company classification rules on Nov. 11, with changes taking effect Nov. 30.

Strategy (NASDAQ:MSTR) and Metaplanet (OTC:MTPLF) were among companies flagged in an earlier test, raising concerns about potential index-related selling.

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