Bitcoin price rebounded from $81K to $83.3K, a 2.9% increase in four hours, but market participants should not be fooled into going long. Net aggressive taker volume has remained negative throughout October, with predominant net selling explaining the previous week’s price decline from $87K to $80.4K. The iShares TIPS Bond ETF, whose trends have historically led Bitcoin trends, is currently moving bearish, signaling additional downside risk for BTC. Meanwhile, Bitcoin miners face pressure from the superiority of newer mining equipment such as the Antminer S21 compared to older models.
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