Bitcoin is currently trading around $83,000 after peaking at $85,000 in late September. The US Bitcoin spot ETF market recorded $681 million in net outflows last week, before returning to $110 million in net inflows at the start of this week. BTC price has moved back above the average cost basis of US spot ETFs, a level that now serves as support confirmed twice according to Glassnode analysts. This level, which previously acted as resistance during the May rejection at $82,000, suggests reduced selling pressure from ETF holders. In the event of a bearish break of this support level, the next major support would be the True Market Mean, estimated at $77,500.
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