Bitcoin Faces Key Resistance Amid Rising Spot and ETF Demand
- Bitcoin has cleared several key cost bases, advancing roughly $10,000 over the past ten days.
- The $14.04 billion options expiry on September 25 could reset market positioning with gamma exposure shifting above $90,000.
- Spot demand is improving as trading volume more than doubles from its August low, with ETF buying strengthening.
- A significant concentration of long-term holder coins around $84,000 to $85,000 creates a potential profit-taking zone before reaching the mean MVRV resistance at $96,700.
The recent rally in Bitcoin suggests a different trajectory compared to previous short-lived rebounds, supported by rising spot demand and restrained profit-taking from holders. The upcoming options expiry represents a substantial portion of open interest and may influence price movements significantly.
If Bitcoin manages to absorb supply in the $84K-$85K zone with continued spot and ETF buying, attention could shift toward overcoming the MVRV resistance at $96,700. (Source)
