Market context
Bitcoin walked into September with the tape still running hot from a short squeeze that briefly pushed spot toward $80,000. Then it wobbled. On Sept.
2 BTC slipped under $76,500 for the first time since Aug. 23, a level CryptoPotato's technical desk flagged as the near-term line in the sand. The pullback didn't stop the bid: CryptoBriefing reported $101 million of net inflows into US spot Bitcoin ETFs the same session, while Ether, Solana and XRP funds all turned red.
Cointelegraph pegged Ether ETF outflows at $48 million after a 12-session inflow run of $1. 62 billion, and XRP funds ended an 11-session streak of their own. The rotation is narrow and it is pointing at BTC.
That is the setup traders are working with, not the exuberant one from a week ago.
Technical setup
The chart story is the golden cross. CoinDesk's Omkar Godbole flagged it Wednesday: the 50-day moving average is closing on the 200-day from below, a signal that has a mixed record in crypto but tends to matter when it aligns with a fresh macro leg. His twist is the one worth reading twice.
USDT market cap has expanded through the setup, and Tether's supply growth has historically preceded the pricier legs of Bitcoin cycles. Stablecoin issuance is a rougher proxy for real dry powder than ETF creations, but it moves earlier. Below spot, $76,500 is the pivot.
A daily close back above it puts $80,000 and the squeeze high in play. Losing it on volume flips the read: the same CryptoPotato note walked through a downside path that runs to $50,000 if bulls can't reclaim the level and $72,000 fails as a second-line support.