Bitcoin Bounces Above $84K Amid Sustained Demand, Next Test at $76K

Bitcoin's price fell below $84,000 on Thursday but has since recovered above $84,200. Despite this decline, there are signs of sustained demand from investors and larger holders.

The cryptocurrency continues to trade above its major daily moving averages, with a cluster between approximately $73,000 and $76,000. The 50-day EMA is the highest at $76,096, providing potential support if the current correction deepens.

Institutional demand remains strong, with US spot Bitcoin ETFs attracting $190.65 million in net inflows on Thursday. This is the sixth consecutive day of positive flows beginning last week, which can help absorb some of the supply created by holders taking profits.

Larger wallets have continued to accumulate coins since July 15, adding 113,950 BTC worth around $9.5 billion at current prices. Their buying could provide support if shorter-term investors continue realizing profits.