Decoding Bitcoin’s $82K rejection: 3 BTC signals warn of deeper correction

Bitcoin [$BTC] rallied past $82k briefly on Thursday, the 3rd of September. The uptick was a result of two developments.

The first was Federal Reserve Governor Christopher Waller’s comments indicating his support for keeping interest rates steady. Meanwhile, spot Bitcoin ETFs attracted $730.8 million in net inflows on Thursday.

Despite reduced expectations of a September rate hike, the 15th of September could see high volatility. Both the FOMC meeting and the U.S. Senate vote regarding the CLARITY Act are scheduled for mid-September.

Heading into a historically bearish month, onchain metrics showed signs that the Bitcoin rally might be cooling.

Worrisome news for Bitcoin bulls

Bitcoin encountered selling pressure around its 365-Day Moving Average [MA], positioned at $82,268. Thursday’s rally stalled near that exact level before $BTC recorded a minor pullback.

A CryptoQuant report noted that, historically, bull runs have begun once the 365DMA is breached.

The Apparent Demand metric tracks the difference between newly-mined $BTC issuance and the change in the supply inactive for over a year. A reduction in the metric showed less demand, reflecting stalling accumulation near key swing resistance levels.