Bitcoin fell below $80,000 on Oct. 15 following hot inflation data, with September CPI accelerating to 3.7% from 3.4% and producer prices jumping 1.3% month-on-month, their largest increase since March 2022. US spot Bitcoin ETFs experienced $859 million in net outflows over six sessions from Oct. 7 through Oct. 14, putting selling pressure on the cryptocurrency. Key support sits between $80,000 and $81,500, the average break-even level for US spot ETF buyers, with the next support zone expected around $78,000 in case of a confirmed break. The Fed meeting on Oct. 28 and PCE inflation data on Oct. 29 are the next major catalysts to determine whether Bitcoin maintains its current range or breaks lower.
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