Bitcoin Breaks Above Key Resistance Level Amid Strong Institutional Demand
Bitcoin's technical analysis report reveals a strong bullish momentum in its price movement. The cryptocurrency started the week by breaking above the key $80,000 psychological resistance level and reached a high of around $81,455.
The rally was driven by strong institutional demand through spot Bitcoin ETFs, improving liquidity expectations, and short covering. U.S. spot Bitcoin ETFs continued to attract strong inflows with approximately $1.12 billion in net inflows recorded last week, further supporting positive market sentiment and BTC's upward momentum.
However, traders should closely watch the $80,000-$82,000 resistance zone. Holding above the $74,000-$75,000 support zone would keep the broader bullish structure intact, while a sustained breakout above $82,000 could provide fresh buying momentum and support further upside.