TLDR
- Bitcoin hit $87,392 this week, its highest price since January 29, before pulling back toward a dense buyer range.
- Bitfinex analysts say holding the $85,000–$86,500 zone is the key test for the current rally.
- U.S. spot Bitcoin ETFs pulled in $2.31 billion over four sessions ending September 22.
- Strategy and Strive bought a combined 2,305 BTC in one week, more than all public treasuries combined over the prior three months.
- K33 says the cycle low is likely already behind Bitcoin, while Nexo points to thinning volume and weaker derivatives positioning.
Bitcoin reached $87,392 this week, its highest price since January 29. The gain came before a pullback into a buyer range between $85,000 and $86,500.
Bitfinex analysts say holding that range is the key test right now. About 633,000 BTC last changed hands in that band, making it the largest cluster of buyer cost data on record for this rally.
Roughly 2.95 million BTC moved into profit over four trading sessions as price climbed. Supply held between $80,500 and $82,500 fell from 252,000 BTC to 170,000 BTC per $1,000 price band.
Chart analyst Ali Charts said the recent move forms a double bottom, with the $82,500 neckline expected to hold as support. Ali Charts set a target of $100,000 if that level holds.
Bitcoin $BTC double bottom suggests the $82,500 neckline will hold as support.
The target remains $100,000. https://t.co/YA0DGPiL8M pic.twitter.com/YwfQPJ8M56
— Ali Charts (@alicharts) September 23, 2026
Spot Bitcoin ETFs took in $999 million on September 21 and $714.7 million on September 22. That two-day total was the largest since October 2025.
Across four sessions ending September 22, ETFs absorbed $2.31 billion, close to 27,900 BTC a day at average prices. That followed a $450.4 million outflow on September 15, the largest single-day withdrawal since June.
ETF and Corporate Buying in Focus
Strategy bought 950 BTC for $75.7 million during the week ending September 20. That purchase brought its total holdings to 846,000 BTC.
Strive bought 1,355 BTC between September 14 and 18. Together, the two firms bought 2,305 BTC in one week, more than all public treasuries combined over the prior three months.
Bitfinex said the ETF and corporate cohorts were both in profit at the same time this week for the first time since January. Average ETF cost sits near $86,000, while corporate treasury cost is about $80,500.
Trader Ted Pillows said Bitcoin trading above its key levels confirms a cycle bottom. Ted Pillows added that he still expects an 8% to 10% correction to clear out late long positions.
$BTC is above all its key levels, which confirms a cycle bottom.
But that doesn't mean up-only.
IMO, Bitcoin will have an 8%-10% correction from here to flush out late longs. pic.twitter.com/6hcvO5ziQ0
— Ted (@TedPillows) September 23, 2026
Supply held in profit rose from 63% on September 17 to 78.2% on September 22. Bitfinex wants that figure to stay above 75% through the first correction.
Bitcoin’s market value to realized value ratio stood at 1.62 on September 22, below its long-run average near 1.8. Bitfinex ties that average to a price near $95,000 at the current realized value.
What Other Analysts Are Watching
K33’s Vetle Lunde said the current drawdown has been shorter and shallower than past cycles. Lunde said Bitcoin still has room to catch up with gold and equities.
Nexo takes a more cautious view, pointing to thinning volume and narrower market breadth. The firm said rising leverage could leave the rally open to a pause.
Capital.com’s Daniela Hathorn placed resistance at $87,000 to $88,000, with $90,000 as the next hurdle. Hathorn said $84,000 to $85,000 is the first support zone to watch.
Bitfinex places the next test near Bitcoin’s yearly open of $87,722. A hold above $85,000 to $86,500 with continued ETF inflows would open the path toward $90,000.
