Bitcoin briefly surpassed $82,000 to reach a high of $82,100 on September 21, marking its fifth consecutive daily gain before consolidating near $81,000. The rally coincides with improving spot ETF flows, which saw three weeks of nearly $1 billion in net inflows in August and a record $1.92 billion weekly inflow on August 21. Strategy founder Michael Saylor signaled potential new purchases, with the firm acquiring approximately 3,000 BTC since late August to bring total holdings to 845,050 coins worth $68.76 billion.
Altcoins followed Bitcoin's momentum, with ETH breaking $2,700 and NEAR doubling to $4.35 within a week. Ethereum spot ETFs also recorded significant activity, posting positive inflows for three consecutive months since July, including $1.85 billion in August. Institutional holder Bitmine increased its ETH position to 5.85 million tokens, representing 4.83% of total supply. Macro conditions have shifted following the Federal Reserve's first rate hike in three years, with markets now pricing a 55% probability of another increase in October before a potential pause.
Technical indicators suggest strengthening bullish momentum as Bitcoin reclaimed the 50-week moving average at approximately $78,700 for the first time in 45 weeks. Glassnode data shows the entity-adjusted SOPR has returned above the 1.00 break-even line, indicating strong buying pressure is absorbing profit-taking. Analysts note that sustaining a weekly close above the 50-week MA would confirm a new bull market cycle, with a breakout above $82,500-$83,000 serving as critical resistance for further upside toward $88,000.
Bitcoin Reclaims $82,000 as ETF Inflows Surge and Macro Headwinds Ease
Disclaimer: The content provided on Phemex News is for informational purposes only. We do not guarantee the quality, accuracy, or completeness of the information sourced from third-party articles. The content on this page does not constitute financial or investment advice. We strongly encourage you to conduct you own research and consult with a qualified financial advisor before making any investment decisions.
