Bitcoin traded around $83,260 on Thursday morning after reaching a weekly high of $84,700 on Wednesday evening, 4.5% above October’s low of $79,700. Its rebound is mainly correlated with the Nasdaq, supported by strong results from SpaceX and Super Computer, while futures trading volumes rose 19% in 24 hours. Spot Bitcoin ETFs received $60 million on Wednesday, but net flows remained negative by $67.4 million over the first twenty days of October despite $526.6 million in inflows on Monday. SpaceX and Tesla together hold 30,221 BTC, and Elon Musk confirmed that a merger between the two companies is being studied, although no terms have been agreed. Bitcoin faces resistance at $87,422 and support at $81,603 ahead of the Federal Reserve meeting on October 27 and 28.
Source: Read the original article
