In this video, we break down Bitcoin on the 1hr chart using Elliott Wave Theory. You’ll discover both bullish and bearish scenarios, plus the critical price levels and targets to watch. Video by Koenz Trading.
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Bitcoin (BTC) is trading around $83,400, marking a 1.3% to 2.6% rebound from yesterday's lows. The digital currency has successfully bounced off its 50-day Exponential Moving Average (EMA) near $80,786 and is gathering bullish momentum, though it remains locked in a tight consolidation range between $80,000 and $87,000.
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Bitcoin Insights Today
• Return of Institutional Demand: After weeks of stagnant flows, US-listed spot Bitcoin ETFs registered over $23 million in net inflows on Tuesday, following an impressive $526 million inflow on Monday. This sudden $550 million institutional capital injection is providing strong immediate support for the asset.
• The Macro Drag: Geopolitical tensions and rising oil prices—alongside soaring US Treasury yields throughout October—are putting a lid on speculative, risk-heavy currencies. This macro pressure has caused Bitcoin to underperform its historical "Uptober" seasonal strength for the second consecutive year.
• Long-Term Outperformance: In a notable shifting perspective, JPMorgan Asset Management released a report forecasting Bitcoin to outperform both stocks and gold over the long term.
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