Bitcoin Closes Below Its 50-Day Average for First Time Since August

Bitcoin (BTC) closed below its 50-day moving average for the first time since August, ending a 66-day stretch above the line as U.S. spot Bitcoin exchange-traded funds recorded a second day of withdrawals.

Bitcoin traded at $80,713 at 8:36 a.m. ET (12:36 UTC) Saturday, down 1.12% over the previous 24 hours. It remained about 10% above its 200-day moving average. The 50-day average tracks a shorter price window than the 200-day measure.

The Oct. 20 technical reading of Bitcoin’s 50-day average showed candle bodies above the measure, although some wicks dipped below it. The latest close marks a change from that setup.

U.S. spot Bitcoin ETFs recorded $137.9 million in net outflows Friday, Oct. 23, extending withdrawals to a second consecutive day. Outflows reached $635.6 million Thursday, Oct. 22, the largest single-day amount since June. The two days combined for about $773.5 million in net outflows.