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Following the rally to $80,000, the Bitcoin (BTC) price movement has remained quite limited. On the other hand, inflows into spot Bitcoin ETFs continued for three consecutive weeks in a row. Analysts share mixed opinions on whether this is the phase of BTC bottoming out or there’s some more pain left here.
Bitcoin Price Sees 2022-Like Structure For Strong Breakout
Popular analyst Crypto Patel reported that Bitcoin price is showing a similar market structure to the setup seen during the 2022 bottom. Following this pattern, BTC reclaimed the previous cycle high before making a larger move.
He noted that a similar structure is emerging again. Patel suggested the current consolidation could precede a major breakout if history repeats.
CryptoQuant analyst Darkfost said Bitcoin has recently experienced its sharpest deleveraging phase since 2023. At the same time, Binance’s open interest briefly dropped below its 180-day average.
Binance’s current open interest stands at approximately $9.6 billion, above the $8.3 billion 180-day average and accounting for around 37% of Bitcoin’s total open interest.
The current cycle has also recorded one of the largest liquidation events in Bitcoin’s history. Darkfost said traders appear to have returned and are supporting BTC’s rebound.
Bitcoin Price Levels to Watch Ahead
Crypto Patel said Bitcoin’s higher-timeframe structure remains bearish from the $126K ATH, with lower highs and lower lows still intact. However, the recovery from around $57.8K has created a potential Change of Character (CHoCH).
BTC is now approaching the $79K–$83K bearish order block, which Crypto Patel identified as the key area where sellers could defend.
A daily close above $83K, followed by a successful retest, could open the way toward $89K–$91K and then $97K–$100K. Conversely, a rejection from $83K would keep the bearish structure intact, with $65K–$50K becoming relevant. According to Patel, $83K remains the key level that could determine Bitcoin’s next price move.
Similarly, another analyst, Doctor Profit, stated that the $82,500 breakout for Bitcoin price remains in focus. A break above this could open the way toward the next target of $88,000.
The $78,500 level remains crucial this week as Bitcoin looks to establish it as support after breaking through the resistance. If the market faces another rejection, $71,000 is viewed as the strongest downside support.
According to Doctor Profit, Bitcoin’s previous breaks above $65,400, $69,000 and $71,500 as signs of continued strength. For now, the key levels are $82,500 on the upside and $78,500 on the downside, with $88,000 the next major target if the breakout occurs.
Institutional Demand for Bitcoin Remains Intact
Inflows into spot Bitcoin ETFs have remained strong over the past three weeks. During the week from August 31 to Sept. 4, US spot Bitcoin ETFs recorded $987 million in net inflows, as per data from SoSoValue.
Over the past 15 trading sessions, Bitcoin ETFs have recorded $3.72 billion in net inflows. At the same time, the total trading volume has reached $55.66 billion, underscoring institutional demand for BTC.
