Bitcoin Faces Crucial Resistance as ETF-Fueled Rally Meets Macro Uncertainty

Bitcoin's price action has been volatile in recent days, driven by both institutional demand and macroeconomic concerns. On September 3, 2026, a record $731 million inflow into U.S. spot Bitcoin ETFs led by BlackRock's iShares Bitcoin Trust (IBIT) contributed to the cryptocurrency's surge above $82,000.

This massive influx of funds triggered a significant short squeeze, liquidating nearly $250 million in short positions across crypto markets and temporarily pushing Bitcoin's price past $82,000. However, the momentum proved fragile as a stronger-than-expected U.S. August jobs report on September 4 increased market expectations for a Federal Reserve interest rate hike at the upcoming September 15-16 meeting.

This macroeconomic development reversed some of the gains, dragging Bitcoin below $80,000 and wiping out $295 million in long positions. Currently, Bitcoin trades around $79,578, just below key resistance near $79,671, with a sustained break above $79,730-$79,920 needed to confirm bullish momentum.