BTC Low Not In — Bears Hold the Line
Multiple traders remain unconvinced the BTC bottom is in, citing perps-driven bounces with no spot demand and OI building into rejections. The $83k level is flagged as key bull/bear line.
What we know
An account on X remains bearish, expecting BTC to take out its September low, calling current bounces 'knee jerk reactions to data releases.' another account on X adds technical color: there is 'still no spot demand on BTC while OI keeps building into rejections trapping longs' — the bounce is perps-driven and $83k must be reclaimed to turn bullish. Another account on X jokes that every mention of BTC's relative strength vs equities seems to jinx the close with 100MM of selling. Another account on X notes gold and BTC are both in holding patterns amid decelerating global liquidity growth.
How the story developed
Multiple traders remain unconvinced the BTC bottom is in, citing perps-driven bounces with no spot demand and OI building into rejections. The $83k level is flagged as key bull/bear line.
September CPI came in at 3.7%, hotter than expected, triggering over $1 trillion in US equity losses, SPX breaking key supports, and a surge of over $1B in BTC open interest as traders position for a potential short squeeze.
BTC has now held the ETF cost basis (~$81.5K) as support twice; on-chain and technical analysts are watching for a post-CPI breakdown toward the True Market Mean at $77.5K, while OI has unwound with shorts now getting aggressive.
After an open interest flush, traders are eying a return to $90K+ for BTC. Options data shows near-term bearish hedging ($76–80K puts on Oct 16) but strongly bullish positioning for Oct 30 (2:1 calls vs puts, $11.7B OI).
By the Global Eye 24 desk, with AI assistance. Updated as the story develops. Spot an error? Write to corrections@globaleye24.com.