Bitcoin Price Analysis: Is the September Rally Structure in Danger as BTC Hangs by a Thread?

Bitcoin was trying to stabilize near $78,000 after four straight weekly losses, with sentiment pressured by a record Binance hack and a $643.3 million withdrawal from U.S. spot Bitcoin ETFs on Friday. It was trading in a $75,000-$78,000 demand zone that had formed the base of its September rally, after slipping below the midpoint of a broad rising price channel around $82,000. CryptoQuant's Velocity metric, which measures how quickly coins circulate relative to total supply, climbed to about 14.6, its highest since late 2024, even as prices fell. Holding the zone could support a return toward the channel midpoint and the $86,000-$90,000 supply area, while a daily close below $75,000 would expose the channel's lower boundary near $73,000.