Bitcoin Pulls Back to $81K After Brief Break Above $82K

Bitcoin's recent price surge to near $82K was short-lived as it pulled back after traders took profits following a brief break above that level on September 4. The asset is currently trading around $81,150, just 1% below its local high.

The rally was driven by softer Federal Reserve expectations and renewed demand for US spot Bitcoin ETFs. According to Galaxy Research data, the products recorded $730.8 million in combined net inflows on September 3, a significant improvement from mixed flows at the beginning of the month.

Analyst Quinten François noted that a move through $82,800 would produce the first higher high of the broader downtrend and bring $90,000 back into consideration. However, he also warned that stronger inflation data could reverse part of the market's recent repricing.