Bitcoin Faces A Critical Test At $80K Before November

Bitcoin enters November under pressure after losing more than 3.5% since the beginning of October. Outflows recorded by ETFs, the rise of the risk of US rate hikes, and the surge in oil prices constitute its three main tests. Bitcoin is trading around 80800 dollars on October 25, after briefly falling below 80000 dollars the day before. The crypto thus approaches its second consecutive negative October, while this period is traditionally considered favorable by investors. Caution was also evident in US spot Bitcoin ETFs. These products recorded net outflows of 635.6 million dollars on October 22 .