Bitcoin rebounded above $80,000 as institutional investors and spot exchange-traded funds (ETFs) generated inflows, although analysts remain divided over whether the move can develop into a sustained rally. The Block reported on Sept. 23 that K33, Nexo and Sygnum identified those inflows as major drivers. K33 said Bitcoin ETPs recorded their largest daily net inflow since November 2024 and argued that Bitcoin has likely already passed the low of the current market cycle. The firm said the recent decline was shallower and shorter than the bear markets of 2013, 2017 and 2021, while derivatives positioning and investor sentiment offered no clear evidence of another sharp near-term fall. Steven Coltman, head of macroeconomics at 21Shares, said Securities and Exchange Commission exemptive relief for trading tokenized assets, followed by rulemaking from the Commodity Futures Trading Commission (U.S. derivatives regulator), has improved sentiment across digital-asset markets. Capital.com senior market analyst Daniela Hathorn identified $87,000-$88,000 as the next major resistance zone; a break above it would put $90,000 in focus, while a failed rally could lead to a pullback toward $84,000-$85,000. Nexo highlighted weaker trading volume, narrower market breadth and rising leverage, saying more confirmation is needed to determine whether the rebound is sustainable or mainly reflects short-covering. Fundstrat co-founder Tom Lee said a new crypto bull market began in late June, citing capital moving from artificial intelligence-related assets into crypto, growth in tokenization and changes to the traditional four-year cycle.