Nischal Shetty, Founder, WazirX
“Bitcoin traded near $83,460, up approximately 0.6% over 24 hours, while Ether hovered around $2,452, marginally lower. Total cryptocurrency market capitalization stood at $2.79 trillion, with the Fear and Greed Index at a neutral 53, suggesting that confidence is recovering without widespread exuberance.
Bitcoin spot ETFs recorded daily net inflows of $289.8 million, according to the supplied dashboard, providing evidence of demand through regulated investment products. Meanwhile, Santiment’s October 21 figures put derivatives open interest at $23.4 billion for Bitcoin, $15.5 billion for Ether and $2.7 billion for Solana.
The combination of recovering prices and rising open interest suggests greater derivatives participation.
Bitcoin is trading close to a technical decision zone. The supplied moving-average snapshot places the 30-period simple moving average near $83,470 and the Hull moving average near $83,644.
Sustained trading above this band would strengthen the recovery case and bring $84,000 into focus. A break below $82,750 would weaken near-term momentum and expose the lower support zones. Ether’s 2,400-2,500 psychological band provides an initial reference range. A sustained move above $2,500 would suggest improving momentum, while losing $2,400 would shift attention towards $2,350.
US equities advanced on October 21, with the Nasdaq gaining approximately 1.1%, the S&P 500 0.6% and the Dow 0.7%. Together with the supplied VIX reading of 16.68, down 3.64%, this suggests improving appetite for risk, a potentially supportive backdrop for Bitcoin.
However, if elevated energy prices persist and feed into broader inflation, expectations for Federal Reserve easing could weaken. Higher Treasury yields and a stronger dollar, should they follow, could constrain Bitcoin’s recovery.”
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