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Bitcoin traded relatively steadily on Friday,
as risk appetite remained under pressure due to a sharp sell-off in artificial intelligence-related stocks and a sustained rise in oil prices.
The world’s largest cryptocurrency rose 0.3% to $81,970 by 16:49. It remained firmly within the $80,000 to $87,000 trading range that has persisted over the past month.
What could push Bitcoin out of the $80,000–$87,000 range?
Broader cryptocurrency prices also fluctuated significantly on Friday, appearing set for a lackluster performance this week.
A major sell-off in global tech stocks—triggered by lackluster earnings reports from several large Wall Street technology firms—led to substantial losses across the tech sector.
The decline was fueled by growing concerns regarding interest rates and the long-term sustainability of the AI trend, with risk aversion spilling over into the cryptocurrency market.
The crypto sector typically moves in tandem with tech stocks and is similarly sensitive to rising borrowing costs.
While the downturn in the tech sector showed some signs of pausing on Friday, tech stocks still posted significant losses for the week, keeping market sentiment fragile. Anticipation of further major tech earnings reports, alongside key central bank meetings next week, also contributed to a cautious outlook.
A sustained rise in oil prices has further destabilized the markets. Crude oil reached a more than five-month high on Friday amid ongoing tensions in the Middle East, with reports suggesting a potential resumption of military action by the U.S. and Israel against Iran in November.
How does a rise in oil prices typically affect Bitcoin and risk assets?
Bitcoin ETFs break a two-week streak of outflows
Spot Bitcoin ETFs recorded their best week of inflows since late September, snapping a two-week run of consecutive outflows.
Bitcoin ETFs saw inflows totaling $442.7 million for the week ending October 22, according to data from SoSoValue.
However, these inflows did not lead to any significant strengthening in the price of Bitcoin, which remained firmly range-bound.
Cryptocurrency prices today: Altcoins show little change
Like Bitcoin, the broader cryptocurrency market remained largely unchanged on Friday.
Ether, the world’s second-largest cryptocurrency, traded flat at $2,413.84, while XRP fell by 0.6%.
Solana and Cardano also moved sideways, whereas BNB rose by 1.9%.
Among memecoins, Dogecoin and $TRUMP gained 0.8% and 1.7%, respectively.