Bitcoin (BTC) briefly surpassed $82,000 on Thursday, September 3, after Federal Reserve Governor Christopher Waller signaled support for keeping interest rates steady, while spot Bitcoin ETFs attracted $730.8 million in net inflows. However, the rally stalled near the 365-day moving average at $82,268, a key resistance level historically associated with bull market breakouts. Onchain metrics, including falling apparent demand and a declining Coinbase Premium Index, indicated weakening buying pressure. The Bitcoin Capital and Flow Regime Index remained at maximum levels, which in past bear markets preceded price declines. Analysts warned that a failure to hold above $75,500 could lead to a retracement toward $70,200 or $66,900.
Bitcoin (BTC) rallied past $82,000 briefly on Thursday, September 3, driven by two developments. Federal Reserve Governor Christopher Waller expressed support for keeping interest rates steady, while spot Bitcoin ETFs recorded $730.8 million in net inflows.
Despite reduced expectations of a September rate hike, mid‑September could bring high volatility. The FOMC meeting and the U.S. Senate vote on the CLARITY Act are both scheduled for that period.
The uptick encountered selling pressure around the 365‑day moving average (MA) at $82,268. A CryptoQuant report noted that bull runs have historically begun once the 365DMA is breached.
The apparent demand metric, which tracks the difference between newly mined BTC and supply inactive for over a year, declined. That reduction reflected less demand and stalling accumulation near key swing resistance levels.
The Coinbase Premium Index, a gauge of U.S. investor demand, briefly turned positive in late August but has slumped again. Combined, these metrics suggest soft demand conditions that may cap the current rally.
The Bitcoin Capital and Flow Regime Index has been at its maximum level for six consecutive days, according to analyst Axel Adler Jr. In the current bear market regime, this signal has historically been followed by a price decline.
May’s swing high at $82,850 remains another obstacle for bulls. A break below $75,500 could expose $70,200, followed by $66,900. Bitcoin faces an unusual disconnect: ETF capital is returning, while broader demand indicators continue to retreat.
