Bitcoin Rebounds Near $84,000 as Global Market Capitalization Hits $2.97 Trillion

Bitcoin rebounded strongly this week, trading near $84,000 after climbing above $86,000. The cryptocurrency's value has been on the rise, with a marginal 0.3% increase in global market capitalization to $2.97 trillion, according to Coingecko.

Nischal Shetty, Founder of WazirX, noted that Ethereum followed a similar trajectory, ending the period close to $2,700. The initial rally was sparked by the US Federal Reserve's September policy decision, which reduced near-term uncertainty and encouraged investors to rebuild exposure to risk assets.

However, with the market structure improving but sentiment already in the 'Greed zone', Shetty warned that caution is necessary. Over the past week, Bitcoin and Ethereum were up 3.6% and 2.2%, respectively, while major altcoins like BNB, XRP, Solana, Dogecoin, and Cardano gained as much as 13.3%.

Riya Sehgal, Research Analyst at Delta Exchange, pointed out that BTC is trading around $84,000 with key support levels at $83,000 - $83,300. ETF flows remain positive, with Bitcoin ETFs recording net inflows of about $191 million on September 24, taking the six-session total to roughly $2.8 billion.