Bitcoin dips below $84,000 ahead of FOMC minutes release

Main takeaways

• During the Asian session on Wednesday, Bitcoin briefly dipped under $84,000.
• The rise in oil prices heightened inflation worries in the lead-up to the FOMC minutes, keeping the spotlight on interest-rate expectations.
• Bitcoin's near-term support sits in the 80,000–82,000 range, whereas a sustained move above $87,000 could bring $100,000 into view.

On Wednesday, Bitcoin declined as market participants looked ahead to the Federal Reserve's meeting minutes and weighed renewed inflation concerns tied to climbing oil prices.

During Asian trading hours, Bitcoin fell under $84,000 even as U.S. spot Bitcoin ETFs saw inflows return.

These price moves underscore the uncertainty surrounding monetary policy. While the likelihood of a rate hike in October has diminished, the assessment shows that investors still expect a notable chance of additional tightening by December.

ETF inflows resume, yet Bitcoin fails to push higher

On October 6, U.S.-listed spot Bitcoin ETFs attracted $118.8 million in net inflows, reversing the $89.8 million in net outflows recorded on October 5, based on Farside data referenced in the report.

This turnaround provided a positive demand signal, yet it was not enough to stop Bitcoin from dropping under $84,000 the next morning.

The inconsistent flows imply that investment demand lacks the consistency needed to support a lasting rally. Sustained inflows would bolster the recovery argument, especially if paired with stronger spot buying.

The FOMC minutes have the potential to shape views on the Fed's coming policy moves. A more pronounced preference for further rate hikes could weigh on both Bitcoin and gold. Elevated interest rates make yield-bearing investments more attractive and raise the opportunity cost of holding gold or Bitcoin.

A less aggressive policy stance could offer some relief, but rising energy prices complicate that outlook.

Oil prices climbed on Wednesday, driven by a storm approaching the Gulf of Mexico and Middle East attacks that raised supply disruption concerns. Should high energy costs persist, expectations for further monetary tightening could strengthen.

Bitcoin price outlook: $80,000 support stays critical

On the daily chart, Bitcoin is consolidating inside an ascending broadening wedge, with near-term support around $80,000–$82,000.

Maintaining that zone would keep the optimistic near-term view detailed in the analysis intact. A decisive move above $87,000 could then put the $100,000 level in focus.

A drop below $80,000 would undermine that formation and expose the 70,000–75,000 range. Further declines under $70,000 could target support near $65,000.

On the weekly chart, analysts point to a longer-term support band from $50,000 to $60,000 and a possible cup formation within an ascending channel.

Under that bullish scenario, a future breakout above $100,000 could pave the way for an extension to $150,000. Those levels remain conditional technical projections, not guaranteed outcomes.

The revived ETF inflows into Bitcoin are encouraging, yet a more robust and sustained demand would be required to absorb selling and sustain a breakout.

In the near term, the technical emphasis stays on defending $80,000–$82,000 and breaking above the $87,000 resistance.

At the same time, the FOMC minutes and energy-driven inflation concerns could affect both Bitcoin and gold via shifts in rate expectations.

If Bitcoin fails to hold its immediate support, the risk of a deeper correction increases.