Bitcoin Rebounds as Oil Near $100 and ETF Outflows Weigh
Bitcoin recovered to nearly $82,000 in Asian trading after falling below $81,000, as the yen surrendered early gains and Asian stocks, gold and Nasdaq futures rebounded. Bitcoin was testing its 50-day moving average, a key indicator of near-term momentum.
Crypto futures liquidations totalled $435 million over 24 hours, including $385 million in long positions, indicating that bullish bets had been heavily leveraged. Ether, XRP, Solana and Dogecoin also moved higher with the market.
The recovery may face headwinds. WTI oil remained near $100 a barrel, raising concerns that inflation could weigh on risk assets. U.S.-listed spot Bitcoin ETFs also recorded $381 million in outflows on Thursday, pointing to weak institutional demand. Traders will be watching oil prices, ETF flows and Bitcoin’s ability to hold above its 50-day moving average.
Bearish
The immediate price action was a recovery, but the broader signals in the report lean bearish for crypto. Bitcoin’s rebound toward $82,000 came after a drop below $81,000 and while it was testing its 50-day moving average, leaving the near-term trend unconfirmed. The $435 million in futures liquidations, including $385 million in longs, suggests the market had accumulated substantial bullish leverage; forced long closures can intensify volatility and selling during a downturn.
Two further headwinds are weak spot Bitcoin ETF demand and oil near $100 a barrel. The reported $381 million in ETF outflows points to reduced investment demand, while persistently high oil prices could sustain inflation concerns and pressure risk assets. Similar episodes of rising energy prices or declining ETF flows have often made crypto rallies more fragile, particularly when leveraged positioning is crowded.
In the short term, a sustained move above the 50-day average and improving ETF flows could support a relief rally, while renewed oil strength, further outflows or a break back below recent lows could prompt more selling. Over the longer term, the effect depends on whether inflation leads to tighter financial conditions and whether institutional demand returns. The yen’s reversal and rebound in Asian equities helped sentiment in this session, but do not by themselves establish a durable crypto uptrend.