Bitcoin traded near $81,568 on October 17 as inflation concerns, Strait of Hormuz tensions and ETF withdrawals weighed on sentiment. A four-hour close below $80,000 could shift attention toward $78,000.
Bitcoin faced renewed pressure on October 17 as inflation concerns, regional tensions and fund withdrawals weakened market sentiment. The crypto market fell 0.93% over the past 24 hours to $2.74 trillion. Meanwhile, the Fear and Greed Index went down to 49 from 57 last week, a neutral reading.
Hormuz claims collide with a US military account
U.S. Central Command commander Admiral Brad Cooper said American forces and regional partners maintained control of the waterway, and that approximately 400 commercial vessels crossed during the previous week. He said this contradicts claims that Hormuz had completely closed.
Cooper also said U.S. operations had prevented at least $25 billion in Iranian crude exports. Further disruption could lift energy prices, potentially sustaining inflation and reducing investors' appetite for cryptocurrencies. U.S. annual consumer inflation already reached 3.7% in September.
Bitcoin and Ethereum ETFs post outflows
Total net outflows from U.S. spot Bitcoin ETFs reached $82.39 million on October 16, per SoSoValue data. Most of the withdrawals came from BlackRock's IBIT, at $71.78 million.
Spot Ethereum ETFs lost $69.68 million, all of it from BlackRock's ETHA, continuing a streak of three sessions of outflows. Earlier selling coincided with $974 million in liquidations and nearly $1 billion in ETF withdrawals during October.
Bitcoin stays between $80,000 support and $82,000 resistance
BTC traded at $81,568 on a four-hour chart dated October 17, 2026, below resistance. The price has moved in a range between the $80,000 support and the $82,000 resistance level since pulling back from higher levels around $87,000.
The relative strength index was 44, a bit below the 50 level, which indicates less buying pressure. The MACD also had a bearish trend, with the main line reading -332.25.
A four-hour close above $82,000 would constitute an initial recovery, and support would have to hold during a subsequent test. On the downside, a decisive four-hour close below $80,000 could shift attention toward $78,000, where earlier trading activity formed a price cluster.
Source: CoinGape
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