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BTC Bitcoin is once again approaching the key resistance level of US$80,000, and the slowdown in ETF capital inflows changes the breakthrough pattern
Bitcoin is again approaching the important resistance level near US$80,000. This price level has repeatedly hindered its recovery in the past few months.
Resistance and supply areas pose challenges for BTC
On Monday, Bitcoin traded at the top end of the $77,000 range, failing neither to break the key psychological $80,000 barrier nor to hit its recent peak of around $82,000. The attempt to break through is being closely watched by traders and institutional investors.
Bitcoin briefly climbed above US$80,000 at the beginning of this month, but failed to hold on to that position due to frustration due to renewed market expectations for interest rate hikes. Sellers quickly entered, pushing prices down and curbing incentives for further increases.
According to recent market analysis, there is a concentrated supply of Bitcoin in the range of US$81,000 to US$86,000. Investors who previously bought BTC at high prices during the rally may view the rebound in this area as an opportunity to exit positions and lock in profits.
A breakthrough of US$80,000 alone may not be enough to confirm a continued upward trend. Not only does Bitcoin need to stay above that level, it must also overcome heavier selling pressure in the $81,000 to $86,000 range.
Key Bitcoin Price References
ETF capital inflows have slowed down, changing breakthrough dynamics
Institutional demand has also changed. Earlier this month, spot Bitcoin exchange-traded funds (ETFs) attracted nearly $1 billion in weekly net inflows as Bitcoin consolidated around $80,000. However, there has been a significant reversal in recent days. On September 10, the Bitcoin ETF fund reported a single-day net outflow of approximately US$283 million, marking multiple consecutive trading days of withdrawal by investors.
This change suggests that Bitcoin's next attempt to break through may not be supported by strong ETF inflows as it did in early September. Analysts pointed out that if ETF flows return to positive value and prices exceed $80,000, it will provide a stronger argument for a sustainable rebound.
Institutional interest in Bitcoin seems to have cooled temporarily. ETF inflows no longer provide the tailwind seen a few weeks ago, and any effort to break through $80,000 could appear fragile without new investor interest.
Technical prospects and short-term risks
Bitcoin needs to clear its recent high of around $82,000 and overcome its $81,000 to $86,000 supply area to make progress towards the $90,000 target more likely. Traders are watching these levels closely because if they cannot break through, prices may stagnate or reverse.
On the downside, technical support for Bitcoin is currently at the middle of US$75,000, and the much-watched 200-day exponential moving average (EMA) is near the low of US$73,000. If it falls below US$75,000, the US$73,000 region will become the next key support level.
Above US$80,000, attention will shift to US$82,000 resistance, followed by US$86,000 supply area. If the trend fails, support is expected to be between $73,000 and $75,000.
While market participants remain vigilant, as Bitcoin approaches these key levels, a decisive shift in ETF funds flows or increased volatility will be a signal worthy of attention.
