Bitcoin Price Faces Crucial $86,500 Hurdle as ETF Buying Returns

The price of Bitcoin has retreated to around $84,000 after reaching an all-time high of $87,220. According to Bitfinex's Analyst Team, sustained buying above $86,500 is necessary for further gains.

The team identified a concentration of coins acquired between $84,000 and $86,500 as 'overhead supply', with holders' purchase prices forming an important test for incoming demand.

Sustained trading above $86,500 would return this supply to profit, leaving a clearer route toward Bitcoin's yearly opening price of $87,722.