Bitcoin shrugs off ETF outflows to trade above $84,000 as oil falls

Bitcoin shrugs off ETF outflows to trade above $84,000 as oil falls

Bitcoin is holding on to its weekend gains as oil trades lower. ETFs lost over $600 million in outflows last week.

BTC bounces as oil falls. Bitcoin rebounded to nearly $84,000 as oil prices declined, while most other major cryptocurrencies also advanced. U.S.-listed spot bitcoin exchange-traded funds recorded $681 million in outflows last week, their largest weekly withdrawal since June. Analysts identified $82,000 as a key support level and said U.S. inflation data due Oct. 14 could be the market’s next major catalyst.

Bitcoin is back above $84,000, shrugging off big ETF outflows last week as oil prices slip. As of this writing, the leading cryptocurrency by market value traded near $84,050, according to CoinDesk, after slipping to around $83,500 earlier Monday. That is close to Sunday’s high of around $84,145.

Other major currencies such as ether and X