Bitcoin Price Faces Crucial Resistance as ETF Demand Surges

Bitcoin's price remains bullish despite a recent dip of 0.09%. To continue its upward trend, the cryptocurrency needs to clear $81,233 and extend its rising channel that has held since August 20.

The latest development in the market is the strong demand for Bitcoin ETFs, which have pulled in $651.93M in just two days this week. This pace is on track to challenge last week's record of $1.92B, indicating a significant increase in interest in these funds.

However, analyst Ben Cowen warns that despite his own buying of BTC since July, there remains a downside risk for the crypto price and adoption before year-end. He suggests that a further drop is still possible, which could impact the market's sentiment.