Bitcoin kicks off new quarter in the old $82,000-$85,000 price range
Bitcoin remains stagnant in the $82,000 to $85,000 range as market inflows from spot ETFs have slowed down. Analysts suggest that increased daily inflows are necessary to overcome current supply levels and push prices higher.
Why it matters
The price action of Bitcoin serves as a key indicator for broader sentiment in the cryptocurrency and traditional financial markets.
It’s new quarter, but same old bitcoin BTC $83,819.85 price range. The cryptocurrency is still stuck between $82,000 and $85,000, extending more than a week of choppy, sideways price action.
Prices briefly topped $85,000 on Wednesday after weaker-than-expected U.S. inflation cooled bets on Fed rate hikes, But bulls couldn’t hold the move and spot ETFs didn’t help.
The U.S.-listed ETFs registered a net outflow of $148.7 million on Wednesday, ending a nine-day inflows streak that pulled in $3.08 billion, according to data source SoSoValue. That was the biggest inflow streak of the year in dollar terms.
Moreover, the streak was fading before it ended. Daily inflows peaked near $1 billion on Sept. 21 and steadily shrank over the following days. The pace of daily inflows needs to pick up for prices to continue rising, according to analysts at Bitfinex
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