Bitcoin Price Drops to $77K Amid Renewed Selling Pressure
The price of Bitcoin dropped to around $77,000 last week as it faced renewed selling pressure. Despite this, institutional investors remain interested in the cryptocurrency, with Bitcoin ETFs holding a combined net asset value of over $99 billion.
However, the latest data shows that investor appetite is becoming more selective, with a growing divergence in demand across different cryptocurrencies. While Ether and Solana have seen significant gains, Bitcoin has struggled to maintain momentum.
The U.S. spot Bitcoin ETFs recorded net outflows of $120.24 million on September 9, while spot Ether and Solana ETFs attracted combined inflows of $46.48 million. This trend suggests that investors are shifting their attention towards other cryptocurrencies, such as Ethereum and Solana.
The resistance zone between $83,000 and $86,000 may pose a significant challenge for Bitcoin's recovery. According to Glassnode data, long-term holders have accumulated around 1.07 million BTC in this zone, creating a cost-basis cluster that could affect prices if broken.