Bitcoin has been struggling to sustain its growth in recent weeks, but faces weakening capital inflows into spot ETFs and low trading volumes. Although key support levels are holding and on-chain data do not indicate massive profit-taking, a strong selling barrier has formed just above the current price.
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Weak ETF Inflows and a Selling Wall Above the Price
The main driver of this year’s growth – US spot ETFs – has significantly slowed down in recent days. While daily net inflows reached over $1 billion in September, they fell to just $24 million by the end of the month. Concurrently, a massive selling wall has formed on the Binance spot market between $85,000 and $85,500, representing the nearest key obstacle to further growth.
Low trading activity across the market also remains a problem. The total daily trading volume for Bitcoin hovers around $6.4 billion, which is near the lower end of this year’s range. Price growth without a significant increase in volume suggests that sufficiently broad new demand has not yet entered the market.
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On-chain Structure Holds, Investors Are Not Selling En Masse
The positive news remains that on-chain data do not show massive profit-taking typical of historical cycle peaks. Key cost levels, such as the Short-Term Holder Cost Basis ($73,300) and the True Market Mean ($77,200), are located below the current price and continue to act as reliable supports.
Relative calm also prevails in the altcoin market, where the recovery has not been driven by dangerous financial leverage. However, for a clear confirmation of the ongoing bullish trend, it will be crucial for Bitcoin to convincingly break the $85,500 mark amidst a return of higher volumes and stronger ETF demand.
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