Bitcoin's Price Stalls at Resistance as ETF Inflows Return

Bitcoin's price has rebounded from its September low near $75,000 to around $81,500, marking an 8.7% increase. This move has pushed Bitcoin into a critical resistance zone between $80,500 and $82,500, with the broader setup remaining constructive as long as the support region of $72,500 to $75,000 holds.

The entity-adjusted Spent Output Profit Ratio (SOPR) has moved back above 1.0, indicating that spent coins are being moved at a profit on average. However, short-term holders are realizing relatively more profit than long-term holders, with the ratio between their SOPRs sitting near 0.88.

The return of ETF inflows is also seen as a positive sign for Bitcoin's price, with US spot Bitcoin exchange-traded funds recording about $433.03 million in net inflows on September 18. However, it's essential to note that short liquidity alone does not guarantee a squeeze, and sufficient spot demand is required to absorb the existing supply between $83,000 and $86,000.