Bitcoin rebounded strongly this week and was trading near the $84,160 mark after climbing above the $86,000 mark, according to AMBCrypto. The cryptocurrency was trading near the $84,160.55 mark after briefly crossing the $86,000 threshold, with Bitcoin gaining 3.6% weekly and Ethereum up 2.2% respectively. In the past 24 hours, Bitcoin was down 0.3% and Ethereum was up 0.2% to trade near $2,688. Among major altcoins, XRP, Solana, Dogecoin, and Cardano gained up to 3.3% while BNB, Tron, and Hyperliquid corrected less than 1%. As per Delta Exchange Research Analyst Riya Sehgal, crypto markets are consolidating after Bitcoin's rejection near $87,000, with $83,000 - $83,300 acting as key support.
Bitcoin ETFs recorded approximately $191 million in net inflows on September 24, bringing the six-session total to roughly $2.8 billion, according to The Economic Times. Ethereum ETFs added around $66 million during the same period. The positive ETF flows were supported by reduced uncertainty after the US Federal Reserve's September policy decision, with the outcome largely priced in and the conclusion of the FOMC meeting encouraging investors to rebuild exposure to risk assets. US spot Bitcoin exchange-traded funds recorded their fifth consecutive session of net inflows on September 23, with Bitcoin ETFs ending the September 14-18 week with roughly $6.1 million in net inflows despite taking in $433 million on its final trading day. From September 17th to 25th, Spot Bitcoin ETF net flows totalled $2.88 billion, with Bitcoin rallying 10.26% during this period. Around $3.5 billion flowed into digital-asset investment products over five trading days, with AMBCrypto reporting that BlackRock accounted for roughly half of the inflows, while the rebound also recovered much of the ETFs' previous cumulative outflows.
Bitcoin reclaimed its 365-day moving average near $80,900 on September 22nd after spending 310 days below it, marking a significant technical milestone. According to Altcoin Pro research, this pattern has historically delivered strong results, with Bitcoin posting gains ranging from 59% to over 1,400% in five comparable instances where it regained its 365-day average after at least 90 days below it. However, the current recovery faces headwinds as Bitcoin has since dropped to $82.9K, testing the sustainability of this technical breakthrough. The research warns that while the pattern is encouraging, it's not foolproof - previous breakouts in July 2018 and March 2022 resulted in 27% and 59% declines respectively within 90 days of the initial breakout.
Mid-sized Bitcoin wallets holding 100-1,000 BTC have accumulated 113,950 Bitcoin since July 15, lifting their combined holdings 2.22% to 5.24 million BTC, according to Santiment data. This accumulation run coincides with Bitcoin price briefly tapping $87,000 earlier this week before retreating and stabilizing near $84,000. The current data shows this wallet cohort continued buying through the recovery, which at minimum indicates the rally isn't being carried by retail flow alone. Santiment has tracked this 100-to-1,000-BTC wallet cohort for five years, and their activity has historically aligned closely with market direction, with periods of heavy accumulation often preceding or coinciding with stronger price moves.
The US 10-year Treasury yield climbed to around 5.12% on September 23, reaching its highest level since 2007 according to CoinShares report, creating significant headwinds for Bitcoin's rally. Oil prices climbed after a Houthi missile attack on Saudi Arabia, with Brent crude futures settling at $106.60 a barrel and West Texas Intermediate crude finishing at $94.61, though Brent crude fell below $100, potentially easing inflation pressure. Philadelphia Fed President Anna Paulson said underlying inflation was running around 2.5% to 3%, above the central bank's 2% target, supporting last week's quarter-point rate hike. New York Fed President John Williams described another hike before the end of the year as reasonable, though he said the decision would depend on incoming data. The CLARITY Act too failed to advance in the Senate on September 15th after a 49–50 cloture vote, adding regulatory uncertainty. Bitcoin's response has been mixed, rallying after the September 16 rate hike but later falling back from the $87,000 area, with CoinSwitch Markets Desk reporting that the move triggered nearly $80 million in BTC long liquidations.
The global crypto market capitalisation was up 1.72% to $2.89 trillion, with the crypto fear and greed index currently standing at 73, indicating the market sentiment is in the greed zone, according to The Economic Times. WazirX Founder Nischal Shetty noted that overall, the market structure has improved, but sentiment is already in the Greed zone. Delta Exchange Research Analyst Riya Sehgal highlighted that $83,000 and $85,000 remain the key levels for the next directional move, with $83,000 - $83,300 acting as key support for Bitcoin's current trading range. Bitcoin's Market Value over Realized Value (MVRV) has crossed back above its 365-day average following negative momentum, marking a significant technical development that historically indicates improving market health and potential for further rally toward the $90K breakout target. The next major test could be whether Bitcoin can sustain a weekly close above $82,000.
