Bitcoin is facing deepening pressure during US trading hours, with a widening Coinbase discount and sharp ETF outflows reinforcing a cautious near-term tone. According to CryptoSlate’s analysis of Binance BTC/USDT data, Bitcoin has compounded a 3.24% loss during US stock-market sessions since Sept. 21, while prices outside that window advanced 6.07%. CryptoQuant’s Coinbase Premium Gap slid to -$64, indicating weaker demand or heavier selling on the US-focused exchange.
Glassnode has described the American session as a growing source of pressure. However, the weakness was heavily concentrated in two sessions: Sept. 30, when BTC dropped 1.86% during the 9:30 a.m.–4 p.m. New York window, and Oct. 2, when it fell 2.65%. Excluding those dates, the remaining 11 sessions produced a compounded 1.28% gain. Alternative windows starting at 9 a.m. or 10 a.m. showed compounded losses of 4.94% and 5.41%, respectively, and still remained negative after removing the two worst sessions.
Spot Bitcoin ETF flows complicate the institutional-selling narrative. On Sept. 30, US spot Bitcoin ETFs recorded $148.7 million in net outflows, aligning with the first major decline. Two days later, funds attracted $189.9 million even as Bitcoin fell during Wall Street hours. On Oct. 7, ETFs shed $484.9 million, their worst day since June, erasing about 81% of the prior nine sessions’ inflows.
On Oct. 8, BTC undercut support at $82,776.30, trading down about 5.6% from its Sept. 21 peak around $87,354.33, with intraday lows near the $81,300–$81,750 range. Macro conditions remain a headwind. Wall Street retreated from record highs as Brent crude traded near $100 a barrel and Treasury yields stayed near their highest since 2002. Minutes from the most recent Federal Reserve meeting showed most officials expect another rate hike before year end, though a hike at the Oct. 27–28 meeting is seen as unlikely.
Technically, Bitcoin’s daily uptrend remains intact but is cooling. The daily ADX fell to 40.7 from 42.8, while the RSI dropped to 45.8, below the 50 mark that separates bullish from bearish momentum. The golden cross remains in play on the daily chart, but is receding on intraday timeframes. Support sits between $81,165.95 and $79,705.49, with a weak support zone at $82,626.41.
Leverage amplified the move: roughly $429 million in positions were liquidated over 24 hours, with 87.5% being longs. Bitcoin accounted for $135.51 million and Ethereum $96.14 million. The next catalysts include daily ETF flows, oil and Hormuz shipping headlines, Treasury yields, and the upcoming Federal Reserve meeting.
