Crypto
Tensions Send Bitcoin Price Back Below $84K
Bitcoin's price has dropped to around $84,000 after reaching above $87,000 last week. The decline is attributed to renewed U.S.-Iran tensions, which have put pressure on risk assets and led to a cautious investor sentiment.
Despite the drop in price, U.S. spot Bitcoin ETFs recorded $2.39 billion in net inflows during the trading week from September 21 to 25. This demonstrates sustained long-term demand for Bitcoin, particularly with BlackRock's IBIT accounting for approximately $1.16 billion of the total.
The daily chart of Bitcoin reveals resistance around $87,000, while the $84,000 to $85,000 support range is now a focal point for traders. Analysts suggest that a drop below $83,000 could lead to a retest of the $80,000 support level.