Bitcoin (BTC) held steady above key support levels on September 26 as geopolitical tensions between the United States and Iran escalated. President Trump rejected a seven-day ceasefire proposal from Iran and indicated he would resume strikes after the upcoming elections, according to reporting by the Wall Street Journal.
Bitcoin's price fluctuated between $83,000 and $84,100 following the announcement, ultimately settling around $84,000. The cryptocurrency market experienced significant liquidation activity, with total liquidations reaching $255 million, including $63 million in Bitcoin positions.
ETF Inflows Surge Amid Market Optimism
Bitcoin exchange-traded funds recorded substantial inflows during the week of September 21-25, totaling $2.39 billion according to data from SoSoValue. The iShares Bitcoin Trust saw $1.16 billion in inflows, while the Fidelity Wise Origin Fund (FBTC) recorded $701 million, marking its highest weekly inflow since September 2025.
These inflows coincided with earlier market optimism following discussions at the United Nations General Assembly about potentially reopening the Strait of Hormuz and resolving the seven-month conflict.
Exchange Outflows Reach Highest Level Since 2023
Data from CryptoQuant revealed significant Bitcoin movement away from exchange wallets. Binance recorded an average weekly outflow of 2,000 BTC, with a single-day outflow of 13,800 BTC representing the largest daily exit since 2023. Binance reserves declined from 705,000 BTC to 685,000 BTC overall.
Analyst Darkfost attributed the outflows to investors choosing to hold Bitcoin rather than sell, though some late-arriving traders may have anticipated a price decline following recent gains above $85,000.
Technical Analysis and Support Levels
Bitcoin maintained support at the 78.6% Fibonacci level of $82,121 despite recent volatility. Technical indicators suggested potential for continued upside, with the MACD line remaining positive above the signal line, indicating bullish momentum despite the recent dip.
If Bitcoin sustains price levels above $82,000 with renewed buying pressure, analysts noted potential movement toward $87,000. A break below the $82,000 support could see Bitcoin test the 61.8% Fibonacci level at $77,900.
