Bitcoin climbed to $83.3K on October 12, gaining 2.9% in a four-hour window after dipping to $81K earlier that day. However, technical indicators suggest the bounce may face headwinds.
Net Taker Volume Signals Selling Pressure
Negative net taker volume—which tracks aggressive market orders that typically dictate trend direction—has persisted throughout October, according to crypto analyst data. The 30-day moving average shows net selling has been predominant this month, contributing to Bitcoin's decline from $87K to $80.4K the previous week.
TIPS Bond ETF Weakness as a Warning Signal
BlackRock's iShares TIPS Bond ETF, which invests in U.S. Treasury inflation-protected securities with maturities under five years, has historically correlated with Bitcoin price movements. The ETF has preceded Bitcoin trend changes in the past, with bearish shifts in the bond fund followed by Bitcoin downtrends.
The TIPS ETF is currently moving bearishly while Bitcoin faces short-term headwinds, according to crypto intelligence platform Alphractal. While historical correlation does not guarantee future price movements, the pattern warrants caution.
Mining Economics Under Pressure
Bitcoin miners face mounting efficiency pressures as older equipment becomes less competitive. Newer models like the Bitmain Antminer S21 offer substantially lower electricity production costs than older S19 rigs. A further Bitcoin price decline could strain profitability for operators using outdated equipment, particularly since network fees represent only 0.64% of miner revenue, leaving mining rewards as the primary revenue source.
