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Crypto

Bitcoin Price Hits $79K on Renewed Institutional Demand

Guavy AI Editorial Team
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BTC
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Bitcoin's price surged 1.41% to $79,509.65 over the past 24 hours, closely mirroring the broader crypto market's 1.43% gain.

The uptick in Bitcoin's price is largely attributed to renewed institutional inflows into spot funds, with Glassnode reporting $643 million entering these products last Thursday.

Spot Bitcoin ETFs drew $3.52 billion in August, their strongest month this year, with inflows recorded on 16 of the 21 trading days.

The immediate support zone for Bitcoin's price is between $77,200 and $78,000, while resistance is capped at $82,000.

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