Bitcoin reached a peak of $87 400 this week, followed by a pullback to $83 000. Market analysis suggests that short positions were replaced by leveraged long positions. Long-term holders and ETF average purchase prices are currently creating resistance in the $84 000 to $86 000 range.
The Zcash (ZEC) token hit an all-time high of $1693 on September 26, marking a 97% monthly increase, primarily driven by the Grayscale spot Zcash ETF. Meanwhile, net inflows into Bitcoin ETFs have turned positive again, with approximately $3 billion withdrawn from exchanges between September 22 and 25.
Macroeconomic indicators show 10-year US Treasury yields rising to 1.9%. Rising energy costs and inflation expectations are creating pressure on risk assets. Analysts note that portfolios with fixed asset allocations may rebalance by selling crypto and stocks to purchase bonds before the end of the quarter on September 30.
The current market cycle bottom is estimated at $57 800, with a 54% drawdown from the peak of $126 200. The market is currently in a recovery phase, supported by two consecutive weekly closes above the 50-week moving average of approximately $78 800.
