We analyse Bitcoin on 16 October 2026 using Elliott Wave, where the support between $80,376 and $81,652 and the last high at $82,405 decide the next move. Video by More Crypto Online.
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Bitcoin (BTC) is trading near $82,000, rebounding slightly today after briefly dipping below the psychological $80,000 threshold in the previous session. The asset opened the day at $82,132.23, finding a firm floor despite macroeconomic headwinds and strong inflation prints earlier in the week.
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Bitcoin Insights Today
1. ETF Outflows Flatten Momentum
Institutional buying pressure has significantly cooled off. U.S. spot Bitcoin ETFs recorded roughly $681 million in net outflows last week, and data from SoSoValue indicates a multi-week withdrawal streak with an additional $146.19 million exiting through Thursday. This persistent lack of fresh capital is pinning prices below key moving averages.
2. Macro Inflation and Tech Spillovers
Two hotter-than-expected U.S. inflation reports (CPI and PPI) showing substantial price increases in September have weighed heavily on broader risk sentiment. Furthermore, a 3% drop in the Nasdaq 100 this week due to an AI tech stock pullback has spilled over into crypto, given Bitcoin’s strong 0.90 correlation with the index over the last 50 days.
3. Corporate Accumulation Continues Amid Index Shakeup
Despite the market uncertainty, corporate treasuries are actively accumulating. Michael Saylor's firm recently added another 250 BTC to its massive stash, bringing total reserves to 848,250 BTC. Meanwhile, Strive purchased an additional 3,311 BTC.
However, Saylor's corporate strategy faces a major headwind: new rules adopted by MSCI specify that non-operating companies will be ineligible for its global equity indexes after November 30. Shares of the company fell over 4% on Friday following warnings that an official ouster could force billions in passive benchmark liquidations.
4. Derivatives Expiry and Long-term Cycles
Deribit settled over 18,000 weekly Bitcoin options contracts today, which widened intraday price volatility. Looking further out, prominent analysts like Matthew Hyland are pushing back on short-term bearishness, presenting an elongated 8-year cycle theory that puts a macro peak of $350,000 in focus by 2028.
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