Bitcoin holds near $84,000 as strong ETF inflows support recovery, spot demand
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Bitcoin traded near $84,000 as institutional demand, ETF flows and softer US inflation data supported sentiment, while elevated Treasury yields and cautious spot demand limited gains. Analysts highlighted $82,000-$82,500 support and US jobs data as key near-term catalysts.
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Loading...×Bitcoin trades around the $84,000 mark on Thursday as the crypto market balances renewed institutional demand with a cautious macro backdrop The cryptocurrency was trading at $83,754 mark.In the past 24 hours, Bitcoin and Ethereum were up 0.45% and 0.33% respectively. Among the major altcoins, BNB, Dogecoin, Hyperliquid and Cardano gained upto 3.29% whereas XRP, Solana, and Tron fell upto 1%.
Vikram Subburaj, CEO, Giottus said US spot Bitcoin ETFs saw strong inflows through September. This helped support Bitcoin’s recovery. However, spot demand has moderated in recent sessions. This has kept the upside measured.
Crypto TrackerTOP COINS (₹) Tether95 (0.05%)Bitcoin7,776,433 (-1.66%)BNB69,366 (-1.66%)XRP127 (-2.33%)Ethereum231,806 (-2.64%)Also Read |Highway Infrastructure shares jump 9% after Rs 245 crore toll operations win from UP authority, NHAI
He further said for investors, patience remains important in the current environment. Avoid chasing sharp short-term price moves. Bitcoin’s ability to hold the 82,000-82,500 support zone will be important.
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The global crypto market capitalisation was up 0.32% to $2.87 trillion, according to the data on Coinmarket cap.
Avinash Shekhar, Co-Founder & CEO, Pi42 said Bitcoin has started October on a positive note, trading around the $85,000 mark as softer US inflation data improves sentiment across risk assets. The move above $84,000 is encouraging, and sustaining this level could allow Bitcoin to test the 86,000 - 88,000 zone in the near term.
For now, the market will continue to take cues from US monetary policy expectations, institutional flows and broader risk sentiment, he further said.
Over the last week, Bitcoin and Ethereum were up 0.71% and 1.49% respectively. Among the major altcoins, BNB, XRP, Solana, Dogecoin, and Cardano gained upto 4.72% whereas Tron and Hyperliquid corrected 0.91% and 2.13% respectively.
Nischal Shetty, Founder, WazirX said Bitcoin trades near $83,461 in a constructive daily consolidation, supported by bullish moving averages despite weaker momentum signals. Immediate support lies at 83,300 - 83,400, while 84,200 - 84,500 forms resistance.
Shetty further said that US spot Bitcoin ETFs recorded $125.6 million in daily net outflows, while Ethereum ETFs lost 22,260 ETH, worth about $59.9 million at current prices. Despite the withdrawals, Bitcoin remained near $83,461, and Ether gained 0.17% to around $2,689, indicating that institutional flows did not directly determine price direction.
Also Read |Mutual fund investors lose up to 10% in September as Nifty falls. What should investors do?
Market perspective
CoinSwitch Markets Desk : BTC traded back above $85K before cooling below $84K as softer-than-expected U.S. PCE inflation supported broader risk sentiment. Headline PCE held at 3.4% YoY in August, below the 3.7% consensus, while core PCE remained at 3.0%, also undershooting expectations.
Prateek Gupta, Head of Business, Mudrex: Bitcoin briefly climbed to $85,600 after softer-than-expected August PCE data cut October rate-hike expectations by around 40%, but elevated Treasury yields capped the move and pulled BTC back toward $83,500. September delivered a rare break from its seasonal trend, with Bitcoin gaining 6.35% despite the dollar posting its strongest month since June.
Riya Sehgal, Research Analyst, Delta Exchange : Crypto markets remain caught between improving inflation signals and a still-restrictive macro backdrop. Bitcoin briefly pushed above $85,000 after softer-than-expected PCE data eased concerns around further Fed tightening, but the move quickly faded as strong GDP growth and elevated U.S. Treasury yields kept pressure on risk assets.
The next major catalyst is U.S. jobs data: a softer print could cool yields and support a renewed move higher, while stronger labor data could reinforce the higher-for-longer rate narrative and keep BTC range-bound or under pressure
Purvang Mashru, Lead Analyst, BitDelta India: Bitcoin briefly reached $85,600 before retreating 2.4% from that level. The failure to hold those gains suggests buyers are encountering selling pressure on rallies. Sustaining higher prices, rather than briefly testing them, remains the key test of whether the recovery has further room to run.
(Disclaimer: Recommendations, suggestions, views and opinions given by the experts are their own. These do not represent the views of The Economic Times)
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Figures reflect the source report and its stated period. This article is for information and is not investment advice.
