Bitcoin Price Hovers Near $81K as Analysts See Potential Market Bottom

Bitcoin slipped below $81,000 on Oct. 16 amid heightened market volatility, but analysts remained cautiously optimistic, suggesting a potential local bottom. Bitcoin lost the $82,000 threshold Friday, roughly 24 hours after reversing a downtrend that saw the cryptocurrency dip below $80,000 for the first time in weeks. The decline came amid rising oil prices and a sell-off in tech stocks, particularly companies tied to artificial intelligence hardware and infrastructure. Before a sell-off that started around 7:30 a.m. EST, bitcoin’s price fluctuated between $82,000 and $82,500, with each attempt to break either level sparking further selling or a rally. This pattern continued until an hour before midnight, when the price fell to $81,700 for the first time in the session.

First reported by Bitcoin.com News. This page is a short excerpt; the full text is theirs.