Bitcoin Price Eyes $85K After Bullish Breakout Retest

Bitcoin price could be preparing for another move higher as BTC retests a key breakout level near $80,600. Crypto analyst Ali Charts believes holding this support could open the door for Bitcoin to climb toward $85,000.

Bitcoin recently broke above $80,600 resistance and rallied as high as $82,280 before pulling back toward the former resistance zone. According to Ali Charts, the move represents a bullish retest of a parallel channel breakout on the hourly chart.

If buyers successfully defend $80,600, Bitcoin could resume its upward momentum and target $85,000. That would represent a gain of roughly 5.5% from the breakout support and about 3.3% from the recent $82,280 peak. However, a decisive move below $80,600 could weaken the bullish setup and increase the risk of renewed selling pressure.

The optimistic Bitcoin price outlook comes as broader cryptocurrency market sentiment improves. BTC gained about 5% over 24 hours to $81,214, while the total crypto market capitalization increased 3.92% to approximately $2.73 trillion. Ethereum, XRP, Solana, Dogecoin and Zcash also posted gains.

Institutional demand has provided additional support. U.S. spot Bitcoin ETFs recorded $730.8 million in daily net inflows on September 3, marking their strongest daily performance in nearly eight months. BlackRock’s IBIT led with roughly $454 million, while spot Ethereum ETFs attracted another $141 million.

CryptoQuant data also pointed to stronger Bitcoin spot activity during the rally. Trading activity reportedly increased three to four times, with Binance accounting for a significant portion. Whale deposits reached as much as 2,000 BTC per hour, while average deposits exceeded 50 BTC.

Traders are also watching upcoming U.S. policy and monetary developments, including potential CLARITY Act progress around September 15 and the Federal Reserve’s September 15–16 meeting.

Meanwhile, prediction-market traders on Kalshi have shown growing optimism that Bitcoin could reach $90,000 this year. While such forecasts reflect trader expectations rather than guaranteed outcomes, improving institutional flows and Bitcoin’s $80,600 support level could determine whether the current rally has further room to run.