Two weeks ago, I warned that Bitcoin was approaching the $87,000 zone, but that there was a high probability of a correction towards $80,000 before another attempt to break through higher resistance levels. For this reason, after the previous bullish move, I decided to position myself in the opposite direction, opening a short position around $86,000 with a clear target at $80,000. The market has made precisely this movement. Bitcoin corrected to $80,000, approaching the 50-day exponential moving average (50 EMA), an important technical zone in the current structure. Once I reached my goal, I closed the entire short position, secured the profits, and used that same price level to increase my Bitcoin spot position.
What can we expect from Bitcoin now?
My main scenario remains bullish. Despite the recent correction, Bitcoin continues to show a bullish trend structure on the daily chart, as illustrated in the chart.
I consider it entirely possible that Bitcoin will make another attempt to break through the resistance between $87,000 and $88,000.
If Bitcoin manages to break through this zone and consolidate above it, the next target I am watching is the area between $92,000 and $94,000.
The key will be to see how the price behaves when it returns to $86,000–$89,000. This time I expect to see accumulation and buying demand rather than distribution, allowing a former resistance area to become support.
Bitcoin ETF flows are another factor to watch. Although late September included several positive flow sessions, October also brought significant outflows.
On October 7 and 8 in particular, net outflows were approximately $484.9 million and $244.1 million, respectively.
These movements show that institutional demand has not been constant and that some selling pressure persists. However, I think it is important to evaluate these numbers alongside Bitcoin’s technical price structure rather than viewing two negative sessions as automatic confirmation of a trend reversal.
Conclusion
The correction towards $80,000 that I had anticipated has now taken place. I used this move to both close my bearish position and increase my exposure to Bitcoin.
Now my focus is on $87,000–$88,000. A demand-supported breakout, followed by consolidation above this zone, would reinforce my bullish continuation scenario towards $92,000–$94,000.
For now, I continue to view this decline as a correction within an uptrend, not the start of a new bear market.
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