Spot ETF flows turned green again on August 31 after a single red day. Michaël van de Poppe expects an upside break from $77,000, though the 1H chart shows something different.
Bitcoin price was stuck in a tight range, trading around $77,000 at press time. Further, spot BTC ETF flows turned green again on August 31. Trader Michaël van de Poppe read the chart as an upside setup and pointed to $82,700 first, then $90,000. However, the hourly chart does not support this prediction.
Van de Poppe stated in an X post that it is "a matter of time" before Bitcoin makes its move. He called the chart strong for an upward breakout. His prediction from here runs through $82,700, with $90,000 as the next target.
In a separate post, he said the Bitcoin price chart is unchanged, and the chop continues, while altcoins look ready to break upward against BTC. He added that a quick sweep down to $76,000 would not surprise him, and he would treat that area as an entry zone.
US spot Bitcoin ETFs took in $216.70 million on August 31. Earlier on August 28, funds shed $201.81 million, which broke a streak of green sessions running back through late August.
Products added $242.24 million on August 27, $232.12 million on August 26, $314.37 million on August 25 and $337.56 million on August 24. August 20 was the strongest day of that run at $606.29 million. Cumulative net inflow now stands at $54.85 billion, with total net assets of $99.61 billion.
The weekly ETF flow is steadier than the daily one. The week ending August 21 brought in $1.92 billion, followed by $924.48 million the week after. The week ending August 14 was the only red one in that stretch at negative $389.71 million, and the week to August 7 added $853.54 million.
Bitcoin has been hitting lower highs from around $79,200 and is now staying on the $77,000 to $77,500 support band. The recent low sits at $76,888.
Coming to the oscillators, RSI(6) is at 23.54, deep in oversold territory, while RSI(12) reads 33.68 and RSI(24) sits at 41.12. MACD is the weaker side of the setup. DIF is at -202.02, DEA at -106.53 and the histogram at -191.31, all well below zero. Sellers still have the edge.
Selling volume has picked up on recent declines while the recovery attempts have been thin. Open interest sat near 109K and climbed as price fell, so leverage is stacking into the move.
The levels worth tracking are $76,888 as immediate support, $78,000 as first resistance, $78,600 and $79,200 above it, and $81,478 as the swing high.
The bullish outcome needs $76,888 to hold and $78,000 to be reclaimed. From there, the oversold reading gives room for a run at $78,600, then $79,200.
A clean close above $79,200 would fix the short-term structure and put $81,478 back in play, which is the gate in front of van de Poppe's $82,700 call. His $90,000 target sits well beyond that and would need Bitcoin ETF demand to hold at the levels seen in the third week of August.
Right now, the Bitcoin price chart is not a clean short near $77,000. That said, it’s not yet a confirmed long either. $78,000 is going to be the first real sign that buyers are back.
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