Bitcoin Price Struggles to Break Above Floor Amid Macro Headwinds

Bitcoin's price has been struggling to break above its floor of $77,100. On September 15, it closed at $75,702, down 3.2 percent on the day.

The close was below the range floor formed over the previous six sessions and marks the third time this level has been broken. According to market analysts, a sustained buying effort is needed for Bitcoin to break above its floor.

The breakdown of the range also affected positioning, with some short-term holders selling their coins after they became profitable following the range breakout in mid-August.

Exchange inflows have been dominated by buyers who acquired BTC between one-to-six-months ago. However, more recent buyers are now depositing at a loss after Bitcoin stalled at the range floor and then broke below it.