Bitcoin Stuck Near $81K: Will Bulls Break Through Resistance or Revisit $50K?
Bitcoin's price has been struggling near $81,200 after being rejected at that level. Despite reaching nearly $79,535 as of the latest data, with a small daily gain of about 0.74%, some analysts warn that BTC could retest the $50,000 zone by November if it fails to break above $83,000.
The current price is part of a ten-day move that saw Bitcoin surge nearly 25% from roughly $62,800 on August 16 to about $78,900 on August 26. However, this rally has mostly moved without heavy retail participation, with weighted sentiment turning negative again at around -0.023.
On the other hand, ETF inflows have been supporting the price, with spot Bitcoin ETFs seeing their eighth straight day of net inflows, adding $232 million on August 26 alone. CryptoQuant data also shows that eight out of ten indicators tracked by the firm are now flashing bullish.