How high can Bitcoin go? BTC eyes $83,000 as ETF inflows fuel its latest rally

Bitcoin's price has been hovering around the $81,000 range on September 20, after recovering from levels below $76,000 last week. Traders are now trying to determine if BTC can break through the $82,000-$83,000 resistance zone. This area has been a significant hurdle for Bitcoin in the recent rally. The latest price movement has brought Bitcoin close to this resistance level, indicating it is a key indicator for the current bullish trend.

Bitcoin has already regained the important $80,000 psychological level. The next major focus is whether the price can break and stay above this range, potentially targeting $85,000-$86,000. However, there is a risk that sellers may become more active once again as the price approaches these higher levels. Coinpaper previously reported that Bitcoin had struggled to clear the $82,000 level, and the current surge could be seen as a continuation of that earlier battle.

One of the major drivers behind Bitcoin's recent recovery has been renewed demand from US spot Bitcoin ETFs. On September 18, Bitcoin ETFs recorded $433 million in net inflows, according to Farside Investors. Fidelity's FBTC was the largest contributor, with $310.7 million in inflows, while BlackRock's IBIT added another $108.4 million.

This influx of capital came after $159.5 million entered the ETFs on September 17, marking a sharp contrast to the heavy selling that had been observed earlier in the week.