Bitcoin rebounded above $83,000 on October 9 after sliding below $81,000 earlier in the week. The recovery followed President Trump’s statement that the US will not strike Iran before the midterm elections.

Bitcoin traded near $82,500 during the session, briefly touching $83,226. It had fallen to about $80,300 on Thursday. Ether held near $2,478, down about 9 percent on the week.

The bounce came despite heavy selling by institutions. US spot bitcoin ETFs recorded $244 million in outflows on October 8, and $729 million across October 7 and 8. Fidelity’s FBTC led the withdrawals.

Analysts see $82,500 as a key level. QCP Capital expects bitcoin to trade between $80,000 and $90,000 in the fourth quarter. The rebound has not erased weekly losses, and traders remain cautious about Federal Reserve policy and Treasury yields. The bounce followed days of heavy institutional selling. Outflows from spot ETFs have weighed on the market since October 7.