TLDR
- Bitcoin is trading near $80,500, testing support at $79,658-$80,000 after falling as low as $80,315.
- U.S. spot Bitcoin ETFs lost about $773.5 million over Thursday and Friday.
- Glassnode says realized profit-taking has fallen to about half its September pace.
- Brent crude is above $110 per barrel, keeping inflation worries in focus.
- The Federal Reserve decision comes Oct. 28, followed by GDP and PCE data on Oct. 29.
Bitcoin (BTC) is trading around $80,500 on the Oct. 24 Bybit daily chart. Price has pulled back toward a key support level in its current range.
BTC opened near $81,048 and reached about $81,074. It then fell as low as $80,315 before recovering slightly.
The drop follows another failed attempt to hold above $84,000. Bitcoin remains well below its October high near $87,400.
The structure has weakened since BTC broke below a steep rising trendline from August. Price now moves between support near $80,000 and heavy supply in the mid-$80,000s.
Bitcoin ETF Outflows Return
U.S. spot Bitcoin ETFs recorded $137.9 million in net outflows on Friday, Oct. 23. That followed a $635.6 million withdrawal on Thursday.
Bitcoin ETFs witnessed massive outflows of $635.5M on October 22, their largest single-day withdrawal since June.
BlackRock alone recorded $254.1M in outflows.
Despite the heavy selling pressure, $BTC continues to defend its crucial support levels.
The question remains ; How… pic.twitter.com/JKM38kibvy
— Whale Meta (@Whalemetaa) October 24, 2026
BlackRock’s IBIT accounted for $110.3 million of Friday’s outflows. Fidelity’s FBTC lost $31.8 million.
The week started strong, though. Monday brought $526.7 million in inflows, Tuesday added $23.2 million and Wednesday added $524.8 million. The funds still ended the seven-session period with about $224 million in net inflows.
Analyst Crypto Tony struck a cautious tone on X. He said $79,800 is the next logical bounce zone and added that it is a shame how weak the market is, but that this is the reality.
$BTC – Update
$79,800 is the next logical bounce zone. Shame how weak we are, but that is the reality pic.twitter.com/xvlGoAvN8D
— Crypto Tony (@CryptoTony__) October 24, 2026
Doctor Profit took the opposite view. He wrote that whenever BTC touches the box on his chart, it is time to accumulate more on existing longs, and that the zone is for buying rather than panic.
$BTC: Whenever BTC touches this box, its time to accumulate more on existing longs. This is what I am doing, the box is for buying rather than to Panic pic.twitter.com/hJzemrpCE2
— Doctor Profit 🇨🇭 (@DrProfitCrypto) October 23, 2026
Chart and On-Chain Data
The immediate level on the chart is $79,658-$80,000. Buyers have defended it repeatedly this month. It also matches Glassnode’s estimated cost basis for U.S. spot ETF and corporate treasury buyers, around $80,000-$81,500.
Daily RSI sits at 43.32, below neutral but not oversold. MACD remains bearish, with the histogram negative.
Glassnode says realized profit-taking has dropped to roughly half the pace seen around September’s high. Selling by holders who bought one to two years ago is below one-third of its early-October peak.
Bitcoin’s MVRV ratio is around 1.50. That is well below the roughly 3.7 level seen in overheated markets.
Overhead supply remains a hurdle. Glassnode puts the cost basis of investors who bought six to 12 months ago at about $86,700.
Oil and the Fed
Brent crude has climbed above $110 per barrel. Higher oil prices and Middle East tensions have kept investors cautious.
The Federal Reserve decision is due Wednesday, Oct. 28. Markets see a rate increase as unlikely. U.S. GDP and PCE inflation data follow on Oct. 29.
Bitcoin is trading at $80,500 as the Fed meeting approaches.
