Bitcoin Stumbles Near $84,000 as Institutional Demand Continues

Bitcoin traded near $84,000 on September 24 after retreating from its strongest level since January. The largest cryptocurrency had reached a high of $87,392 on September 21 but failed to sustain the push above $87,000.

U.S. spot Bitcoin ETFs saw a net inflow of $346.98 million on September 23, extending their streak to five consecutive sessions and bringing the cumulative total to roughly $2.65 billion. BlackRock's iShares Bitcoin Trust (IBIT) led the day's inflows with $166.29 million, followed by Fidelity's Wise Origin Bitcoin Fund (FBTC) at $143.24 million.

Whale accumulation and corporate buying continued as wallets holding between 100 and 1,000 BTC added 113,950 BTC since mid-July, while corporate treasuries acquired large amounts of BTC. Strategy purchased 950 BTC for $75.7 million in the week ending September 20, bringing its total holdings to 846,000 BTC.

Analysts identified $82,000 as a key support level for bullish continuation, with Bitfinex placing the largest buyer cost range between $85,000 and $86,500. The breakout from the previous range is not fully confirmed until $80,000 has been tested as support.