Bitcoin rose 0.88% in 24 hours to USD 84,779.26, close to the broader crypto market’s 1.03% gain. Strong inflows into U.S. spot Bitcoin funds have supported the recent rally. Meanwhile, miner reserves fell during the week ending Sept. 26. Traders are watching whether Bitcoin can move above USD 86,000.
U.S. spot Bitcoin exchange-traded funds drew about USD 2.4 billion over the five trading days ending Sept. 25, according to SoSoValue data. It was their strongest weekly inflow of 2026. The funds had previously recorded outflows, making the return to net buying a notable shift in demand.
Bitcoin’s 30-day correlation with the S&P 500 reached 95%, showing that the two markets have moved closely together. Interest rate expectations remain relevant to both. Bitcoin also held above its main daily moving averages, while its MACD reading stayed positive. Neither indicator can show how much of the price gain came from ETF demand.
Bitcoin’s seven-day average hashrate fell to roughly 915.8 exahashes per second on Sept. 26, its lowest level in about three weeks. Hashrate estimates can shift given block timing, power conditions and changes in active mining equipment. The network continued producing blocks during the decline.
Miner reserves dropped by 1,530 BTC over the same week to about 1.193 million BTC. CryptoQuant tracks coins held in wallets linked to miners and mining pools. Coins leaving those wallets may be sold, moved to custody or used for other purposes. The reserve decline alone cannot confirm how many coins miners sold.
Bitcoin’s Puell Multiple rose by 0.24 during the week to 1.13. CryptoQuant defines the measure as daily mining revenue divided by its 365-day average. A reading above one means revenue from newly issued Bitcoin is above that average. The measure does not include miners’ electricity, equipment or financing costs.
Bitcoin has traded largely between USD 83,000 and USD 85,000 since pulling back from a September high near USD 87,374. Resistance sits between USD 85,500 and USD 86,000. A move above that range could bring the earlier high back into view.
If Bitcoin falls below USD 83,000, traders may look to the USD 80,000 to USD 81,000 area for the next support level.
Activity in Bitcoin derivatives has eased during the pause. Open interest fell 6.5%, while 24-hour Bitcoin liquidations dropped 88% to USD 7.45 million. The figures point to fewer outstanding leveraged positions and fewer forced closures during those periods.
Some traders have called October 'Uptober' since Bitcoin has often gained during the month. Past returns offer no assurance that the pattern will repeat.
The next U.S. inflation reading is due Sept. 30. The Bureau of Economic Analysis has scheduled its August personal income and outlays report for that day. It will include the personal consumption expenditures price index, a measure watched for its bearing on interest rate expectations. Bitcoin’s response will depend on the data and whether the price holds its nearby support levels.
Also Read: Bitdeer Sells Mined Bitcoin as BTC Tests USD 85K Mining Cost