Bitcoin Nears Golden Cross as Spot Selling Keeps $80,000 Breakout Elusive

  • Bitcoin rose 1.41% to $79,509.65 as renewed spot Bitcoin ETF demand supported the market.
  • Spot Bitcoin ETFs received $3.52 billion during August, with inflows on 16 of 21 trading days.
  • Bitcoin faces $77,200-$78,000 support and $82,000 resistance before September 11 inflation data.

Bitcoin rose 1.41% over 24 hours to $79,509.65, broadly matching the crypto market's 1.43% advance as institutional demand returned to spot Bitcoin ETFs. Glassnode recorded $643 million entering spot funds last Thursday, while Farside tracked $730.8 million across its products, following $3.52 billion of August inflows over 16 of 21 trading days. Fund assets rose to $99.61 billion at August's end from $76.29 billion in July, while monthly trading volume increased nearly 49% to $58.63 billion. The recovery leaves Bitcoin between support at $77,200-$78,000 and resistance at $82,000, where a sustained break would extend its August rebound; a loss of support would expose $74,700. Bitcoin's potential golden cross, constructive options positioning and ETF demand contrast with negative spot cumulative volume delta and SOPR readings below 1 among some medium- and long-term holders. U.S. consumer inflation data due September 11 is the next macro test, with Bitcoin's 87.1% seven-day correlation with the S&P 500 highlighting its sensitivity to broader risk-market conditions.

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