On September 28, the price of Bitcoin was trading around $83,960 after retreating from a recent high above $87,000. Market participants are focused on whether demand for spot ETFs in the US can help maintain the breakthrough level in September. For the week ending September 25, spot Bitcoin ETFs in the US attracted approximately $2.39 billion in net inflows. During the trading session on September 28, the price of Bitcoin was near $83,960, which is 0.61% lower compared to the previous session. Bitcoin held its position above the 20-day moving average at $80,730. Lacy Zhang, Head of Research at Bitget Wallet, noted that the retreat reflects profit-taking after Bitcoin's rally, a reduction in leveraged long positions, higher US Treasury yields, and a strengthening dollar. She indicated that changes in derivatives positioning made the decline faster, with the main sources of pressure related to interest rates, energy prices, and geopolitical risks.
Spot Bitcoin ETFs in the US are showing a slowdown in inflows after a strong week. Inflows fell from $999 million on Monday to $134.5 million on Friday, but each of the five sessions ended positively. Zhang emphasized that ongoing purchases could support Bitcoin's price during a correction, although the slowed pace of buying suggests that investors are becoming more selective as yields rise. She characterized the $81,500–$83,000 range as the previous breakout zone. In her view, holding this range, combined with ongoing net ETF inflows and restrained liquidations, will support a consolidation period. However, several sessions of ETF outflows, further increases in 10-year Treasury yields, and a break below $82,000 would increase the risk of further declines.
On the daily chart, Bitcoin remains above the 20-day simple moving average at $80,729.58 and the 50-day at $76,510.45. The Relative Strength Index is at 62.83, slightly below the higher values recorded during the price rise to $87,000, but still above 50.
Conditions on the 4-hour chart remain less optimistic. The price was below the bearish Supertrend signal at $85,086.94, and the Average Directional Index (ADX) was 14.74. The low value indicates that the recent sideways trading lacked strong trend strength, despite the bearish Supertrend signal. Bitcoin also bounced off the nearest low around $83,256 on the 4-hour chart, which is close to the upper part of Zhang's support range. A breakout above the $85,087 level could return Bitcoin to the recent high around $87,000, while a move below the $82,000 level could trigger a deeper correction, especially if US ETF flows turn negative over several sessions. The current situation leaves the $82,000–$85,000 range at the center of upcoming price tests.
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