Bitcoin Stuck Around $84,000 as ETF Inflows Slow and Corporate Bid Fades

Bitcoin's price action has been oscillating around $84,000 for seven sessions, creating a compression in the market. This level has functioned as a pivot since September 21, when a short liquidation cascade pushed the price from under $82,000 to $87,000. Twice since then, BTC tested $87,000 to $87,300 and was rejected, with each rejection costing longs millions of dollars in liquidations.

The realistic range for the rest of the week is estimated to be between $82,000 and $87,500, with $85,000 being the level that decides which side gets tested first. The daily chart shows BTC remaining above its 50-day, 100-day, and 200-day exponential moving averages.

The U.S. spot Bitcoin ETF complex has been the dominant buyer in this tape, with a record $2.39 billion in net inflows for the week ending September 25. However, daily flows declined every single day of the record week, from $999 million on Monday to $134 million by Friday.

Strategy, a large corporate holder, disclosed that it acquired 1,665 BTC for approximately $142.7 million between September 21 and September 27, at an average price of $85,681 per coin. This purchase follows a 950 BTC addition the prior week funded with $75.7 million of USD cash.