Bitcoin Spot Volume Rises in September but Demand Remains Fragile

Bitcoin’s spot trading volume saw a modest rebound in September, but the increase may not be substantial enough to propel the cryptocurrency toward its $90,000 target. Data from CryptoQuant indicates that Binance led the recovery with September volume reaching $50 billion, up from $42 billion in July. Bybit also saw growth, with volumes rising from $14 billion to $19 billion, while Kraken doubled its figures from $4 billion to $8 billion. Despite these gains, overall demand remains fragile, and further buying pressure is necessary to sustain long-term upward momentum.

The market’s next move hinges on how leveraged positions respond to price fluctuations. The largest cluster of these positions is near the $90,000 mark, where forced short closures could accelerate gains. However, lower price levels at $83,000 and $75,000 also pose risks, as drops below these thresholds could trigger aggressive liquidations of long positions, adding selling pressure. According to Glassnode, Bitcoin now faces liquidation-driven volatility, with a break toward $90,000 potentially amplifying gains, while losing $83,000 could deepen declines.

Bitcoin’s current price structure is testing key resistance levels. After rebounding from $84,000, Bitcoin was trading at approximately $86,248 at press time. The cryptocurrency has maintained a higher-low structure since breaking above $82,561, but sellers have repeatedly pushed back against the $87,400 resistance. A sustained move above this level could open a path toward $89,000 and $90,000. Conversely, losing $84,000 would expose $82,561 as the next support level.