Bitcoin ETF Demand Surges Amid Macro Pressure
Rising Treasury yields have put pressure on Bitcoin's price, which has pulled back to around $84,000 in response. However, Binance Research analysts believe that three bullish signals could counterbalance this macro pressure.
The first signal is the positive demand for spot Bitcoin ETFs, which saw net outflows for most of 2026 but reversed sharply on September 21, pulling in a record $999 million in a single day. This indicates real spot demand rather than futures-driven speculation.
Another bullish sign is that Bitcoin has reclaimed its 50-week moving average, which it closed above for the first time since November 9, 2025. However, the analysts note that this signal isn't infallible and most historical reclaims haven't led to new cycle lows.
A golden cross formed on September 8, when the 50-day moving average crossed above the 200-day, following 293 days spent below it. This pattern has been associated with peak gains between 100% and 600% within the following year in 12 prior similar crosses.