Bitcoin price hovered near $83,000 on Friday as the cryptocurrency market recovered from Thursday's selloff following a week of losses. Ethereum rose above $2,500 and XRP recovered to $1.40 as the broader market began to stabilize.
The Fear and Greed Index stood at 59 in the Greed territory on Friday, down from 64 the previous day.
Geopolitical Developments Support Market Recovery
President Trump announced on Thursday that the United States would not attack Iran before the November 3 midterm elections and reported making progress in diplomatic discussions with Tehran. His statement provided market relief following weeks of warnings about potential military escalation.
The announcement came as diplomatic exchanges continued between the two countries. Iran's Foreign Minister Abbas Araghchi stated that Tehran anticipated providing an official response within days. Meanwhile, American military movements continued, with U.S. officials noting that the USS Theodore Roosevelt and supporting ships would arrive in the region by the end of October.
Technical Analysis and Price Levels
Bitcoin's recovery from below $82,000 showed signs of fresh accumulation, with the Chaikin Money Flow indicator crossing above zero. Technical indicators suggested mixed momentum, with the MACD line above its signal line but remaining in negative territory overall.
A four-hour close above $84,000 would reinforce the recovery and put the next resistance level at $86,000 in focus. Conversely, rejection around $84,000 could expose Bitcoin to another test at $82,000, with a close below that level potentially opening the psychological $80,000 zone as downside support.
ETF Activity Shows Mixed Signals
On October 8, U.S. spot Bitcoin ETFs registered net outflows of $244 million, with the Franklin Bitcoin ETF (EZBC) being the only fund reporting a net inflow. Spot Ethereum ETFs saw total net outflows of $72.544 million, marking their eighth consecutive day of withdrawals.
