Bitcoin needs ETF flows to confirm Fed-driven rally to $93,000, Bitget analyst says

Bitcoin’s recent price rally has been supported by lower expectations for a Federal Reserve rate hike, but the crypto asset needs stronger market flows to confirm a move toward $90,000-$93,000, according to Lacie Zhang, research lead at Bitget Wallet. CME FedWatch showed the probability of an October hike at about 19% on Oct. 6, down from 51% a week earlier following September payroll growth of just 29,000. A decline in Treasury yields and further evidence of softer inflation could give Bitcoin additional room to rise, Zhang noted. “ETF demand remains supportive, but it is not yet strong enough on its own to force a breakout,” Zhang told Crypto Briefing. “US spot Bitcoin ETFs attracted about $2.6 billion in September and approximately $134 million across the first two trading sessions of October. Bitcoin’s repeated failure to hold above $87,000 suggests that profit-taking and existing supply are still absorbing institutional demand.” Bitcoin ETF flows became increasingly choppy heading into October after hitting a $999 million daily net inflow peak on Sept. 21. The shift marked a sharp slowdown in institutional buying, with investors alternating between fresh allocations and profit...