Bitcoin Hits 8-Month High, Eyes $90,000 Amid Renewed Demand
Bitcoin (BTC) has reached an 8-month high of $87,397 after crossing $87,000 on Monday.
The flagship cryptocurrency jumped nearly 7% on Monday before closing at $86,593, but is currently trading around $85,396, down 1.40% from the previous session.
Nicolai Sondergaard, Senior Research Analyst at Nansen, noted that despite the rally, Hyperliquid's largest Bitcoin holders remained net short and more BTC was moving to exchanges than leaving them, potentially increasing the supply of available BTC in the market.
The latest rally has been bolstered by renewed spot Bitcoin ETF demand and a substantial short squeeze as traders cover their positions. Sondergaard said that price action could reverse if Treasury yields increase again or ETF inflows weaken.