Bitcoin faces major resistance near $88,000 as US Bitcoin ETFs recorded approximately $760 million in net outflows after attracting nearly $3 billion in net inflows between September 21 and October 6. Glassnode identified the $80,000 to $81,500 range as a critical support zone, with the average ETF cost basis near $81,500. Bitcoin must recover the $88,000 level to overcome selling pressure from investors seeking to exit near their original purchase prices. Despite these pressures, long-term holder realized losses have declined 85% since peaking on August 12, suggesting the market is entering an early recovery phase. September US inflation data exceeded expectations with the Consumer Price Index rising 3.7% annually, strengthening expectations of another Federal Reserve interest rate increase scheduled for October 28.
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