Why is Bitcoin price going down today, October 20?

Bitcoin price has fallen 1.2% over the past 24 hours on October 20, as weak institutional demand and renewed selling has brought last week’s recovery to a standstill. Summary Bitcoin price fell 1.2% to around $81,730 on October 20 as weak ETF demand and selling pressure prevented BTC from holding above $82,000. U.S. spot Bitcoin ETFs recorded roughly $228.6 million in weekly outflows, while concerns over inflation and the Federal Reserve’s next interest rate decision continued to weigh on the market. On the daily chart, the Ichimoku Cloud and Chaikin Money Flow indicators showed continued bearish pressure, with $81,144 and $80,000 emerging as important support levels. The four hour MACD showed signs of improving momentum, but Bitcoin needs to recover above $82,587 and then $83,457 to support a stronger recovery. According to crypto.news data, BTC traded at $81,730.70 at the reporting snapshot, after falling from levels near $83,000. It briefly dropped toward $81,200 before recovering, but subsequent attempts to hold above $82,000 have also failed. Bitcoin’s latest decline follows a difficult start to October for the cryptocurrency as concerts over persistent U.S. inflation and unce...