3 Reasons Bitcoin’s Bullish Trend Remains Intact Despite the Drop Below $84K

Is that just a healthy correction before the next leg up? The primary cryptocurrency rallied strongly earlier this week, briefly exceeding $87,000 for the first time since January. However, bulls couldn’t sustain the momentum, and BTC retraced to the current $83,800 (per CoinGecko). While some might fear the bears are about to regain full control, three key factors suggest the asset remains positioned for further upside. Whales and More BTC lost over $3,000 in value over the past 24 hours, yet institutional interest remains quite solid. Data shows that spot Bitcoin ETFs have posted five green days in a row, attracting more than $2.5 billion during that period. September 21 was the strongest day, when the financial vehicles accumulated almost $1 billion. Spot BTC ETFs, Source: SoSoValue This development suggests pension funds, hedge funds, and other conservative investors have increased their exposure to the asset, setting the stage for further gains. Next on the list is the declining amount of BTC sitting on cryptocurrency exchanges. According to CryptoQuant, the figure has dropped to a four-month low of around 2.7 million, indicating that many investors have shifted from centraliz...