Bitcoin Rebound Hits Setback: Can it Hold Ground or Lose Momentum?

The recent Bitcoin rebound has hit a setback as the price dipped to around $83,700 on September 24. This development raises questions about whether Bitcoin can hold onto its regained ground or if it will lose further momentum.

Despite the decline, there is still evidence of demand for BTC. U.S. spot Bitcoin ETFs drew in $346.9 million on September 23, marking their fifth consecutive session of net inflows. However, this buying activity may not be enough to sustain the market on its own.

The first key test for a rebound would be for BTC to regain the $85,000-$86,000 range it previously traded through before its latest decline. If successful, this could put the recent high near $87,300 back within reach and potentially pave the way for another attempt at reaching $90,000.

If Bitcoin fails to hold above $83,000, however, it may lose another crucial support level, with $80,000 becoming the next key psychological threshold. Below that lies the wider selloff's low near $76,200, a scenario that would further undermine the market's recovery prospects.