- Bitcoin briefly broke above US$87,000 before pulling back to around US$84,000.
- Analysts are watching whether the breakout can hold, with a weekly close seen as a key signal.
- Glassnode identifies US$95K–US$97K as the next major hurdle for Bitcoin.
- Strong institutional interest and recent US Bitcoin ETF inflows are providing support for the broader rally.
After Bitcoin broke through the US$87K (AU$123.6K) barrier yesterday and was trading as high as US$87,243 (AU$123,996) late on Wednesday, it seems to be taking a breather for now. At the time of writing, BTC is trading at US$84,095 (AU$119,522), a daily drop of 3.37%. Other crypto assets also fell, with XRP (-6.71%) and Dogecoin (-7.52%) suffering the greatest losses.
The pullback comes as investors consider where to allocate their money, with 10-year US Treasury yields surging to their highest level in 19 years and Brent crude holding above US$100 (AU$142.15) a barrel.
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Nevertheless, BTC’s high yesterday meant it broke through a multi-month high. Analyst Benjamin Cowen said in a post on X that a “weekly close above the May high would improve confidence in the rally”.
Crypto often spikes past resistance midweek on liquidations or news, then fades as big traders take profits – a “fakeout” with a long wick. The weekly close (Sunday midnight UTC) is the more reliable read, since it reflects the price after that noise has settled.
Analysts at Glassnode said BTC’s June low was “the shallowest bear-market low since 2017”. They see the next hurdle at US$95K–US$97K (AU$135K–AU$138K), where two key signals line up.
[Here] options positioning and the mean MVRV price meet. Holding above $84K keeps that path open. A move back below $84K and then below $77K would put the recovery in doubt.
Glassnode Strong ETF Flows Continue
Beyond the technical picture, the recent surge also comes as analytics firms like K33 point to strong institutional interest and especially exchange-traded funds (ETFs). The last five trading days have seen US$1.9 billion (AU$2.7 billion) in net inflows into the US ETFs.
On 21 September, the funds attracted US$999 million (AU$1.4 billion) in net inflows, the largest inflow since 6 October 2025, when US$1.2 billion (AU$1.7 billion) in net flows was recorded. Note that at the time of writing, data for several funds wasn’t available for the most recent trading session, so the final figure could be higher or lower.
The US Bitcoin ETFs now hold 1.28 million BTC, or 6.11% of the total supply, valued at US$108 billion (AU$153 billion).
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