Bitcoin pushed above $82K on September 3 but the move did not last long.

BTC quickly faced selling pressure near $82.2K and pulled back from the level.

What makes this move interesting is that Bitcoin had some strong support behind it.

Spot Bitcoin ETFs recorded around $730.8 million in net inflows on Thursday. Comments from Federal Reserve Governor Christopher Waller also helped the market as expectations around a September rate hike became weaker.

Yet Bitcoin still could not hold above $82K.

That tells me the problem may not be the lack of money coming into Bitcoin ETFs.

The bigger issue could be the lack of wider demand.

One important level right now is the 365 day moving average. It sits around $82.2K and Bitcoin was rejected almost exactly there.

This level has been important during previous market cycles. Breaking above it and holding could give bulls a much stronger setup.

But Bitcoin has not done that yet.

Another warning comes from apparent demand.

This metric has been showing weaker demand around the current price area. That means the rally is facing resistance while fresh buying is not growing as strongly as bulls would want.

The Coinbase Premium Index is also worth watching.

It briefly moved positive in late August which suggested stronger demand from US investors. But it has since weakened again.

So the picture is mixed.

ETF money is coming back.

But some of the broader demand signals are moving in the opposite direction.

There is also another risk.

Bitcoin's Capital and Flow Regime Index has stayed at a level that has previously appeared during periods before price declines.

This does not mean Bitcoin must crash.

But when several warning signs appear near a major resistance level I would rather watch the reaction than chase the move.

The $82K area is now very important.

Bitcoin also has the previous swing high around $82.85K sitting above it. A clean break above that zone could change the picture and bring more confidence to the bullish side.

But if BTC starts losing support then the downside levels become important.

A break below $75.5K could open the door toward $70.2K.

If that level also fails then $66.9K becomes another possible target.

For now I think Bitcoin is at a decision point.

The ETF inflows are clearly positive.

But price needs to prove that fresh demand is strong enough to absorb sellers around $82K.

Until Bitcoin can reclaim this area and hold it I would stay careful.

The next move could tell us whether this was the start of a bigger breakout or simply another rejection near a major resistance zone.