Bitcoin Consolidates Around $84K Amid Strong Institutional Demand

Bitcoin has been trading around the $84,000 level on Monday (September 28) as the cryptocurrency market consolidates. The strong institutional demand is providing support to Bitcoin, but elevated US Treasury yields, rate uncertainty, and geopolitical concerns are limiting its upside.

Purvang Mashru from BitDelta India notes that Bitcoin slipped 0.4% to $84,028 in the 24 hours to 7 am IST on September 28, while Ethereum fell 0.8% to $2,672. Several major altcoins posted modest gains.

Harish Vatnani from ZebPay believes that Bitcoin's decline from around $87,000 looks like a pullback after a sharp rally rather than a confirmed trend reversal. He highlights the importance of the $82,000 support and $85,000-$87,000 resistance areas for the next major move.

US spot Bitcoin ETFs saw about $2.39 billion in net inflows during the week ended September 25, while Ether ETFs attracted around $690 million. Prateek Gupta from Mudrex notes that around 31,800 Bitcoin moved off exchanges last week, which could indicate accumulation, but rising unrealised profits also suggest a higher risk of correction.