Bitcoin price news: BTC eyes $90,000 as leverage is building
Renewed U.S. spot ETF demand and short covering added about $2 billion in leveraged bets as bearish traders were forced out, analysts said.
- On Monday, Bitcoin surged to an eight-month high of $86,000, triggering a milestone for U.S. BTC ETF investors as their average cost basis fell below current prices for the first time in months.
- Forced short covering fueled the move, with more than $250 million in bearish derivative positions liquidated over 24 hours as Bitcoin crossed $78,000 and $80,000, prompting exchanges to execute buy orders that added fuel to the rally.
- U.S. spot Bitcoin ETFs saw inflows reverse sharply on Friday, attracting $433 million after shedding $746 million earlier in the week, bringing net weekly inflows to about $6.2 million as demand returned.
- Nansen Senior Research Analyst Nicolai Sondergaard identified $87,000 as the next price level to monitor, followed by the psychological $90,000 mark and roughly $92,000 as potential resistance levels for the ongoing rally.
- Despite the rally, Wintermute OTC Trader Jasper De Maere cautioned that reaching a fresh record remains "premature at the moment," while Chris Sullivan of Hyperion Decimus expects a "large correction" once this advance exhausts itself.
31 Articles
31 Articles
Bitcoin targets $90K as spot demand challenges shorts
Bitcoin has broken above $85,000 as renewed U.S. buying and forced short covering have put Nansen’s next targets at $87,000 and $90,000, even as large crypto traders remain net short. Nansen Senior Research Analyst Nicolai Sondergaard told crypto.news that Bitcoin’s…
After months of sales pressure, bitcoin has regained its breath in recent days and surpassed the $86,000 mark, the highest level since January. Recovery has gained strength with improved appetite for risk in global markets and a combination of more favorable signals for the cryptoactive sector in the United States, after a week marked by advances and setbacks in the regulatory front. The U.S. Senate failed to advance, last week, the Clarity Act,…
The recent return of Bitcoin on the level of $86,000 is imposing as good news for crypto investors, and more particularly for the ETF holders who are again recording profits. The article Bitcoin ETF holders again in profit appeared first on Cryptoast.
Bitcoin price surges to US$86,000. Is a "crypto winter" happening?
Coverage Details
Bias Distribution
- 50% of the sources are Center, 50% of the sources lean Right
Factuality
To view factuality data please Upgrade to Premium
