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Bitcoin Stagnates Near $82,000 as Tech Sell-Off and Oil Surge Dampen Sentiment
Bitcoin traded with little change on Friday, holding near $81,970 as negative sentiment in traditional markets capped any potential upside for the cryptocurrency. The asset remains stuck within a narrow trading range established over the past month, despite a recent return of investor capital to Bitcoin-focused funds.
Macro Headwinds Limit Risk Appetite
A broad-based sell-off in global technology stocks, driven by concerns over artificial intelligence valuations and the impact of higher interest rates, has spilled over into the crypto market. Digital assets often trade in correlation with high-growth tech shares, and the recent rout has dampened investor enthusiasm for riskier assets.
Adding to market uncertainty, a sustained surge in oil prices has unsettled investors. Crude oil futures reached an over five-month high on Friday amid ongoing geopolitical tensions in the Middle East. Caution is also prevailing ahead of key central bank meetings and major technology company earnings reports scheduled for next week.
ETF Inflows Fail to Ignite Rally
AdSpot Bitcoin exchange-traded funds (ETFs) recorded their strongest week of inflows since late September, breaking a two-week streak of withdrawals. According to data from SoSoValue, Bitcoin ETFs attracted $442.7 million in net inflows in the week ending October 22.
However, this positive flow of capital did not translate into meaningful price appreciation for Bitcoin. The world's largest cryptocurrency has continued to trade squarely within its recent range of approximately $80,000 to $87,000, suggesting that macroeconomic pressures are currently outweighing the supportive ETF demand.
Altcoin Market Remains Subdued
The stagnant price action was mirrored across the broader cryptocurrency market. Ether, the second-largest cryptocurrency, traded flat at $2,413.84, while other major altcoins including Solana and Cardano also moved sideways. XRP saw a minor decline of 0.6%, reflecting the cautious sentiment prevailing across the digital asset space.
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