Bitcoin Eyes Crucial $83,000 Resistance Zone as ETF Inflows Fuel Latest Rally
Bitcoin's latest rally has brought it to the attention of traders and investors once again, as it approaches the key resistance zone around $83,000.
The cryptocurrency had been struggling to break through this area in previous attempts, but its recent recovery from levels below $76,000 has brought it back near the resistance zone.
According to Coinpaper, Bitcoin's struggle to clear $82,000 was a major factor in its earlier rally, and the current move is seen as a continuation of that battle.
The latest rebound has been fueled by renewed demand from US spot Bitcoin ETFs, which recorded $433 million in net inflows on September 18, with Fidelity's FBTC leading the way at $310.7 million.
Despite the Federal Reserve's interest rate hike and the failure of the CLARITY Act to move forward in the Senate, Bitcoin has managed to recover above $80,000, with some market strategists even pointing to signs that the recent crypto market downturn may have reached a cyclical bottom.
The next major test for Bitcoin remains the $82,000-$83,000 zone, and if it can break and stay above this range, the next possible target area could be around $85,000-$86,000.