Bitcoin has been trading in the red since the start of October, a month historically known as "Uptober" for its typically positive performance. The cryptocurrency hit lows of $80,427 in the past week and is currently just under $83,000, down 4.1% over the past seven days.

Bitwise Europe's Luke Deans notes the $83,000 region as a critical level, combining the average ETF cost basis and prior technical thresholds. Ananda Banerjee of Charlie Quant Lab sees strong support at $77,000 based on on-chain metrics, a view echoed by Deans, who also points to $74,000 (Short-Term Holder Cost Basis) and the 200-day moving average at $72,000 as lower support levels.

Experts suggest Bitcoin could fall into the $72,000-$77,000 range and still maintain a constructive risk-on structure. However, spot Bitcoin ETFs saw significant outflows, losing $484.9 million on Wednesday (the worst single-day outflow since June 25) and a further $244 million on Thursday, with BlackRock's IBIT and Fidelity's FBTC taking the biggest hits. Bitfinex analysts attribute the recent price struggles mainly to futures positioning rather than spot demand, which they say remains the "missing piece."