Bitcoin was trading above $83,000 on Wednesday, up 2.5% in the last 24 hours, as renewed buying through US spot exchange-traded funds helped strengthen its recovery.
The primary catalyst behind the rally is the massive inflow into Bitcoin ETFs over the last two days. Data from SoSoValue shows net inflows of $23.16 million on Tuesday, following $526.60 million on Monday, for a combined $549.76 million. This contrasts with last week's $228.58 million in withdrawals.
Although Tuesday's inflow was substantially smaller, the consecutive positive sessions indicate an improvement in demand for these products. ETF flows do not identify every buyer as an institution, but the reversal provides a constructive signal after the recent period of redemptions.
Swiss approval expands retail access to Bitcoin ETFs
The recovery also follows the launch of Bitcoin ETFs in Switzerland. On Tuesday, Switzerland's FINMA approved a domestic spot Bitcoin ETF available to Swiss retail investors. The decision expands access through a Swiss investment fund structure, with requirements addressing investor protection and transparency. It represents another development in Bitcoin's integration into regulated financial markets. However, approval alone does not establish how much capital the product will attract or its eventual impact on BTC demand.
Bitcoin futures open interest increased nearly 3% over 24 hours to $54.83 billion, according to CoinGlass figures. The rise reflects a higher notional value of outstanding contracts, potentially resulting from new positions, rising prices, or a combination of both. Liquidations totaled $66.60 million over the last 24 hours, with short positions accounting for $57.70 million, approximately 86% of the total, indicating that the recovery forced leveraged bearish traders to close positions.
The open-interest-weighted funding rate remained positive at 0.0094%, showing that longs were paying shorts in the tracked perpetual markets. Together, the figures suggest a bullish positioning tilt, though they do not establish that retail traders alone are driving the move. Positive funding also leaves leveraged longs exposed if the recovery reverses.
Bitcoin price outlook: BTC holds above important technical support
BTC is currently trading around $83,500, above its 50-day Exponential Moving Average at $80,787 and its 200-day EMA at $76,112. The price also remained above the 50% Fibonacci retracement at $81,182, measured from the September advance between $74,967 and $87,395. The $81,182–$80,787 area therefore forms an important support zone. Holding it would preserve the near-term recovery structure, while a sustained breakdown would weaken the bullish outlook.
The $85,000 round-number level is a nearby recovery milestone, followed by the September swing high around $87,396. A sustained breakout above that high would strengthen the case for a move toward $90,000. Beyond it, the 161.8% Fibonacci extension at $95,075 serves as a conditional upside target.
Momentum is improving but has not fully turned bullish. The Relative Strength Index has risen to 54, while the MACD remains marginally below its signal line with a shrinking negative histogram. That combination suggests bearish pressure is fading.
This article is for informational purposes only and does not constitute financial advice.
