Bitcoin Stalls at 1.5% Fibonacci Level as ETFs Wait for Break-Even
Bitcoin's price surged to $81,000 after Federal Reserve Governor Waller made dovish comments on September 3. This triggered a record inflow of $730 million into the US spot Bitcoin ETF that day.
The market is currently in a critical divergence zone between potential bull market initiation or bear market continuation, heavily dependent on upcoming Federal Reserve policy decisions.
ETFs have been in a floating loss for 228 consecutive trading days and are waiting to break even. As long as the price doesn't reach $86,000, Wall Street's largest buying channel will still be losing money, causing them not to increase their positions but wait to break even.
The recent surge was followed by a halt in the price at the lower 1.5% Fibonacci retracement level, and between $76,000 and $82,000, recent buying has been increasingly concentrated.