Bitcoin climbed 0.88% over a 24-hour period to reach USD 84,779.26, nearly matching the broader cryptocurrency market’s increase of 1.03%. This recent upward movement has been reinforced by robust inflows into U.S. spot Bitcoin funds. Concurrently, miner reserves decreased throughout the week concluding on Sept. 26. Market participants are currently monitoring whether Bitcoin can successfully break past the USD 86,000 threshold.
Spot Bitcoin ETF Inflows Support the Price
Data from SoSoValue data indicates that U.S. spot Bitcoin exchange-traded funds attracted approximately USD 2.4 billion across the five trading sessions ending Sept. 25, marking their most successful weekly inflow period of 2026. This return to net purchasing represents a significant reversal in demand following a prior phase of outflows.
Bitcoin exhibited a 95% 30-day correlation with the S&P 500, indicating tight alignment between the two asset classes, with interest rate projections influencing both. Additionally, Bitcoin remained above its primary daily moving averages and maintained a positive MACD reading, though neither metric measures the exact proportion of price growth driven by ETF demand.
Miner Reserves Fall as Network Hashrate Weakens
By Sept. 26, Bitcoin’s seven-day average hashrate decreased to approximately 915.8 exahashes per second, marking its lowest point in roughly three weeks. While block timing, power availability, and shifts in active mining hardware can influence hashrate calculations, the blockchain continued to generate blocks consistently throughout this drop.
Over that same weekly timeframe, miner reserves decreased by 1,530 BTC, bringing the total down to roughly 1.193 million BTC. According to CryptoQuant tracks, which monitors balances associated with miners and mining pools, outflows from these wallets can indicate sales, transfers to custody, or other relocations, though the reduction in reserves alone does not verify the exact quantity of coins sold by miners.
The Puell Multiple for Bitcoin increased by 0.24 over the week, settling at 1.13. CryptoQuant calculates this metric by dividing daily mining revenue by its 365-day moving average. A value exceeding one indicates that revenue generated from newly minted Bitcoin surpasses that annual average, though the calculation omits expenses related to electricity, equipment, and financing.
Traders Watch USD 86,000 and September 30 Inflation Data
Following a retreat from a September high near USD 87,374, Bitcoin has largely consolidated between USD 83,000 and USD 85,000. Overhead resistance is positioned from USD 85,500 to USD 86,000, and a breakthrough past this zone could reintroduce the previous high as a target.
Should Bitcoin drop beneath USD 83,000, market participants will likely monitor the USD 80,000 to USD 81,000 zone as the subsequent support region.
Derivatives activity moderated amid this consolidation phase, with open interest declining by 6.5% and 24-hour Bitcoin liquidations tumbling 88% to USD 7.45 million. These metrics reflect a reduction in active leveraged positions and fewer forced liquidations over the timeframe.
Certain market participants refer to October as “Uptober” due to Bitcoin’s historical tendency to post gains during the month, though historical performance does not guarantee future results.
The upcoming U.S. inflation figures are scheduled for release on Sept. 30, when the Bureau of Economic Analysis plans to publish its August personal income and outlays report. This report will feature the personal consumption expenditures price index, a key metric tracked for its influence on interest rate expectations. Bitcoin’s reaction will hinge on these figures and its ability to maintain nearby support thresholds.
Also Read: Bitdeer Sells Mined Bitcoin as BTC Tests USD 85K Mining Cost
