Eight days of ETF inflows have Bitcoin holding near $80K, but Van de Poppe says $77,700 is the line that decides whether BTC runs to $82,700 or slips to $74,000.
Bitcoin price recently pulled back into the high $77K zone before reclaiming $80,000. Spot Bitcoin ETFs have also seen eight inflow sessions in a row. But one trader is watching a single line on the chart that could decide whether the next leg points up to $82,700 or down to $74,000.
Analyst Michaël van de Poppe sees $77,700 as the support that is important. He says that once BTC loses that level, the market opens a correction toward $74,000. Hold it, and he expects a test of the recent highs near $82,700 in the coming days.
In a second post, he stated that the current pullback fits a pattern that has happened before. He named $76,400 and $77,100 as the levels to defend if $77,700 fails. For now, Bitcoin trades close to $80,000, above the line he flagged but not far from it.
Bitcoin ETFs have taken in money every trading day for more than a week. The run started on August 17 with $297.56 million and climbed to $189.30 million on August 18. Then, August 19 saw a jump to $517.19 million, and $606.29 million was the number on August 20.
Inflows stayed green through 21 August to 24 August at $307.45 million and $337.56 million, respectively. On 25 August, they amounted to $314.37 million, and were at $232.12 million on 26 August. That is eight sessions of net buying, landing right after a single red day on August 14 that saw $57.63 million leave.
The weekly view shows the same flow. The week ending August 21 pulled in $1.92 billion, and the week ending August 26 added another $884.04 million. Cumulative net inflows now sit at $54.59 billion, with total ETF assets near $98.63 billion.
On the shorter time frames, the trend still points up. Bitcoin has built higher highs and higher lows since the move off the $68,000 area. Also after cooling between $78,000 and $80,000 it pushed back above the latter level. The recent swing high sat near $81,272.
The level to beat is $81,270 to $81,300. An hourly close above it would help for another push. Repeated failures there make a pullback more likely.
On the downside, $80,000 is the first support. Under that, $79,000 to $79,300 held as a consolidation zone, and $78,000 is the stronger floor and the base of the recent range. A daily close below $78,000 would affect the bullish case, and from there the $77,700 price comes into play.
If support holds, the leading crypto may reach $82,700, a possibility that analyst Van de Poppe discussed. A move like that would put price back near the range of $71,223 to $81,160. BTC Price is already up 13.2% over the past week and 24.3% over the past month.
The part traders care about most is what a Bitcoin push does for the rest of the market. The analyst expects altcoins to catch a bid once Bitcoin either hits the highs or settles into a clear range. In his words, that range would give altcoins a new leg up.
If the price holds at $77,700 and the possibility of $82,700 stays open, altcoins will next be in line. If BTC loses it, $74,000 becomes the target.
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