Bitcoin's Rising Channel Faces Resistance Amid Strong ETF Demand

Bitcoin's recent price action has been characterized by a bullish trend, with the cryptocurrency trading above $77,992. However, to extend its rising channel that has held since August 20, Bitcoin needs to clear the resistance level of $81,233.

The current price movement is also influenced by the significant inflows into Bitcoin ETFs, which have already pulled in $651.93M in the first two days of the week. This pace is on track to challenge last week's record of $1.92B, indicating strong demand for these investment products.

Analyst Ben Cowen has expressed a cautious view, warning that despite buying BTC since July, a further drop before year-end is still possible. This sentiment suggests a downside risk for the crypto price and adoption.