Bitcoin Faces Crucial Test as Spot Demand Takes Center Stage
Bitcoin has been holding steady above $75,880 for over a week, but its next move depends on whether fresh spot demand can push it through the critical resistance level of $81,480.
The cryptocurrency's daily chart shows that it is still above its 50-, 100- and 200-day moving averages, with a relative strength index (RSI) of around 66.7, indicating that momentum is pausing beneath resistance rather than confirming a breakout.
Recent buyers are no longer pinned to break-even, as the CryptoQuant holder-metrics chart shows that short-term holders and ETF investors are no longer clustered around a price where they need a rebound simply to exit near their average entry.
The first sign of fresh buying has appeared in the form of a $101.1 million net inflow into US spot Bitcoin ETFs on September 2, but this is not yet proof of sustained demand. The next confirmation will come if the Coinbase Premium turns and holds positive, and if exchange netflows avoid a large move toward exchanges.
Leverage can amplify either breakout direction, with aggregate BTC open interest standing at around $53 billion and 24-hour futures volume reaching about $67 billion, compared to spot volume of roughly $4 billion across tracked venues.