Bitcoin Consolidates Inside Rising Channel as ETF Inflows Reach New Heights

Bitcoin (BTC) is consolidating inside a rising channel that's held since August 20, with higher lows and higher highs intact. The price touched $81,233 on August 25 before pulling back through a small descending pattern, and is now consolidating just under the 20-day EMA at $78,958.55.

The Parabolic SAR sits at $77,992.63, still below the current price, keeping the short-term trend bullish. The 50-day EMA at $78,753.69 is almost exactly where the price is sitting right now, so BTC is actively testing this level rather than sitting clearly above or below it.

Bitcoin ETFs have pulled in $651.93M across the first two trading days of this week, with $284.42M coming from IBIT alone on August 25. Analyst Ben Cowen says a further drop before year-end is still possible, despite buying BTC himself since July.