Bitcoin Hits Sell Wall at $85K Amid Slowing ETF Inflows
Bitcoin's price is facing resistance at the $85,000-$85,500 sell wall on Binance's spot order book. This barrier has grown in size since its appearance on September 24 and now stands as a significant obstacle to further price appreciation.
The decline in U.S. spot Bitcoin ETF inflows since September 22 is another factor contributing to the market's current weakness. Net inflows of $999 million on September 21 and $364.4 million on September 22 gave way to steadily declining figures, reaching only $24 million by September 28.
Bitcoin's total average daily trading volume has been around $6.4 billion since spot ETFs launched, which is near the lower end of its range. The subdued trading activity and reduced ETF inflows suggest that market participation may be waning at current price levels.