Bitcoin rebounds strongly this week, trades near $84,000 after climbing above $86,000. Here is what experts say
Bitcoin rebounded to around $84,000 after briefly crossing $86,000, while Ethereum traded near $2,688. Bitcoin gained 3.6% weekly, supported by positive ETF flows and reduced uncertainty after the US Federal Reserve’s September policy decision, though markets remain in consolidation overall.
Bitcoin experienced a significant rebound this week, trading near $84,000 after surging above $86,000. Experts attribute this rise to the conclusion of the Federal Reserve's FOMC meeting, which reduced uncertainty and encouraged investors to return to risk assets. The global crypto market capitalization increased marginally by 0.3% to $2.97 trillion.
Nischal Shetty, Founder of WazirX, noted that Ethereum followed a similar pattern, closing near $2,700. In the past week, Bitcoin and Ethereum saw gains of 3.6% and 2.2% respectively. Among major altcoins, BNB, XRP, Solana, Dogecoin, and Cardano gained up to 13.3%, while Tron and Hyperliquid adjusted by 0.2% and 0.3% respectively.
Crypto markets are currently consolidating after Bitcoin's rejection of the $87,000 level. Bitcoin is currently trading around $84,000, with the 83,000 - 83,300 range acting as key support. Research analyst Riya Sehgal from Delta Exchange states that BTC remains vulnerable to further declines if it falls below these support levels.
However, the market structure has improved, and sentiment is no longer in the extreme Greed zone. Bitcoin ETFs saw about $191 million in net inflows on September 24, bringing the six-session total to roughly $2.8 billion. Ethereum ETFs added around $66 million.
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