The real reasons why Bitcoin is surging by $7K every day: But can the rally last?
- Bitcoin surged above $87,000, reaching an eight-month high despite recent negative macroeconomic developments and obstacles in the crypto legislation-building process.
- The strong uptrend is attributed to nearly $1 billion in inflows into ETFs and a short squeeze that liquidated more than $340 million in short positions.
- Analysts warn that although Bitcoin has surpassed lower resistance levels, it now faces major resistance at $85,000 and $95,000; future price action will depend on whether demand for ETFs continues to hold.
Source: CryptoPotato
🌍 Updated by GemCrypto
$BTC
#Bitcoin #Crypto
- Bitcoin surged above $87,000, reaching an eight-month high despite recent negative macroeconomic developments and obstacles in the crypto legislation-building process.
- The strong uptrend is attributed to nearly $1 billion in inflows into ETFs and a short squeeze that liquidated more than $340 million in short positions.
- Analysts warn that although Bitcoin has surpassed lower resistance levels, it now faces major resistance at $85,000 and $95,000; future price action will depend on whether demand for ETFs continues to hold.
Source: CryptoPotato
🌍 Updated by GemCrypto
$BTC
#Bitcoin #Crypto