(Oct 22): Bitcoin retreated below US$83,000 (RM338,806) Thursday, giving up the previous session’s gains even as investors returned to US spot exchange-traded funds.

The original cryptocurrency fell as much as 2.4% in early Asia trading, standing around US$82,700 as of 1pm in Singapore. Smaller tokens ether, solana and XRP also saw falls of roughly 2% to 3.5%.

The retreat coincided with renewed pressure on risk assets as investors weighed mixed technology earnings and escalating Middle East tensions that have pushed oil prices higher. Asia equities and US stock futures were down, while Brent crude climbed above US$110.

Weakness in equities has pushed bitcoin “back to its recent range,” said Caroline Mauron, co-founder of Orbit Markets. “We expect US$85,000 to be retested again in the coming days, though conviction is likely to stay limited,” she added, noting that hawkish signals from the Federal Reserve could weigh on sentiment.

Institutional demand for bitcoin looked to be returning in recent days with strong ETF inflows. US-listed spot bitcoin ETFs have seen US$1.1 billion in net inflows so far this week, recovering from the US$909.6 million in outflows from the previous two weeks.

Options pricing on Deribit still shows a preference for downside protection. The largest outstanding positions for options to sell bitcoin expiring Friday were at a strike price of US$78,000.

Bitcoin is down by a third from its all-time high above US$126,000 a year ago. A rebound since August raised some hopes that it might retest US$100,000 this year, although recent market tumult in part from concerns over spending on artificial intelligence has tempered expectations.

“Bitcoin has been incredibly resilient given macro shocks and AI trade unwind,” said Pratik Kala, a portfolio manager at digital-asset hedge fund Apollo Crypto. “The next move is expected to be higher.”

Uploaded by Magessan Varatharaja