Bitcoin Consolidates at $83K Amid Strong Institutional Demand

Bitcoin continues to consolidate at around $83,000 as institutional demand remains strong. The latest data from SoSoValue shows that US spot Bitcoin ETFs recorded $66.19 million in net inflows on September 29, with BlackRock's IBIT accounting for $51.09 million of the total.

The continued interest in Bitcoin ETFs is a key driver of institutional demand, which has been a major factor in the cryptocurrency's price action in recent months. According to Lookonchain, Strive had bought 6,106 BTC from August 24 to September 25, spending around $490.77 million and having a buy-in cost average of $80,375.

Technical analysis suggests that Bitcoin is currently consolidating around key support levels, with the closest level of support between $82,580 and $82,940. Breaking through resistance at $84,490 to $85,210 could lead to a strong move towards $95,000, according to Wealthmanager.