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▲ Bitcoin (BTC), Rise/ChatGPT generated image ©
Amidst the record-breaking rally triggered by Bitcoin (BTC), profit-taking by holders has surged to its highest level in a year, bringing a temporary breather to the sharp upward trend.
According to investment media FXStreet on September 22 (local time), BTC soared 6.7% the previous day, touching $87,395, its highest level since late January. Following this, increased profit-taking pressure pushed it below $85,500 during Tuesday's trading, settling at around $85,363.
The key reason for this short-term correction is strong on-chain profit-taking movements. Santiment, a blockchain analytics firm, reported that its Network Realized Profit/Loss (NPL) metric surged to its highest level since December 12, 2025, following the previous day's rally. This indicates that investors dumped a large volume of assets to realize significant unrealized gains, exerting short-term downward pressure on the market.
Despite the emergence of profit-taking sales, institutional spot buying remains a robust safety net. According to SoSoValue data, US-listed Bitcoin spot ETFs recorded a net inflow of $998.95 million on Monday alone, continuing their inflow streak for three consecutive trading days. This marks the largest single inflow since October 7, 2025 ($875.61 million), immediately after Bitcoin reached its all-time high of $126,199. Furthermore, Michael Saylor's Strategy acquired an additional 950 BTC, increasing its total holdings to 846,000 BTC, and redeemed $174 million in STRC, expanding its total reserves to $6.09 billion in dollar assets.
From a technical analysis perspective, Bitcoin continues to maintain a solid upward trend. It comfortably remains above the 50-day, 100-day, and 200-day Exponential Moving Averages (EMAs) clustered in the $72,600-$75,400 range, and holds above the Fibonacci 38.2% retracement level of $83,928 from the $57,800 to $126,199 uptrend. The Relative Strength Index (RSI) is at 69, indicating strong bullish momentum just before overheating, and the Moving Average Convergence Divergence (MACD) also maintains a positive value above the zero line, suggesting valid buying pressure.
The short-term market outlook hinges on the defense of the $85,000 horizontal support level and $83,928. If it successfully establishes support, it will follow a path to retest the all-time high of $126,199, passing through the Fibonacci 50% retracement level of $91,999, the 61.8% retracement of $100,071, and the 78.6% retracement of $111,562. Conversely, if the support breaks, there is a possibility of further decline to the Fibonacci 23.6% retracement level of $73,942 and the $66,500 level.
*Disclaimer: This article is for investment reference only, and we are not responsible for any investment losses based on it. The content should be interpreted for informational purposes only.*
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