Bitcoin price increased by approximately 13% following the Federal Reserve's interest rate hike on September 16. The central bank raised its rate range to between 3.75% and 4%. This growth was primarily driven by institutional funds that resumed purchasing activity after a period of uncertainty regarding regulatory news and monetary policy.
Institutional demand surged significantly between September 17 and September 22, with spot Bitcoin ETFs recording inflows totaling $2.31 billion. Specifically, on September 18, funds purchased $433 million worth of assets, and on September 21, they added $999 million. The latter session also triggered the liquidation of $262 million in short positions within one hour.
The market activity pushed Bitcoin above the neckline of an inverse head and shoulders pattern, which had been forming since February. This breakout occurred on the highest daily trading volume observed since August 21. Analysts note that the current price structure suggests a potential target of $117 247, representing a 43% move from the neckline.
Technical indicators show immediate resistance levels at $86 935, followed by $89 825 and $93 940. On the downside, the price floor is supported by a significant concentration of supply near $84 569. A daily close below the technical level of $84 045 could retest the neckline support, which is situated near the $82 000 mark.
