Bitcoin’s price should target THIS weekly close to cement multi-month trend shift

From 17th to 25th September, the Spot Bitcoin [BTC] ETF net flows totalled $2.88 billion. During this time period, BTC’s price rallied by 10.26%, including the dip from $87.3K to $82.9K earlier in the week.

Bitcoin’s Bollinger Bands tightened in mid-September, when the price was consolidating around the $74K-$76K zone. Since then, however, the swift breakout past the $82.3K local highs has signaled another bullish expansion phase.

Exchange netflows negative despite short-term sentiment slump

The uptrend was unbroken, although a dip towards $80K-$82K could occur. The latest price dip was also due to U.S-Iran tensions.

Strong demand has turned year-to-date Spot ETF flows to Bitcoin positive, according to Galaxy Research data. A weekly session close above the previous May swing high at $82,850 will confirm a bullish trend shift on higher timeframes.

According to a recent AMBCrypto report, U.S Treasury intervention to control bond yields is seen as net inflationary. This could drive demand for scarce assets such as Bitcoin.

The $351.6 million Bitget crypto hack has also affected short-term market sentiment. Bitget claimed that its User Protection Fund exceeded the estimated losses though, and user funds will be protected.