Bitcoin Price Jumps 22% to Near $79K Amid Strong Demand
Bitcoin's price surged by nearly 22% in recent days to reach a high of around $79,000. This increase was driven by strong spot demand and a major short squeeze, which suggests that investors are buying into the cryptocurrency at current prices.
The fact that coin-denominated open interest fell by 11% during this period indicates that leverage did not increase, which could be a sign of a healthier market structure supported by fresh capital inflows.
Nearly $1 billion flowed into U.S. spot Bitcoin ETFs over the past three days, adding to institutional demand and further supporting the price surge.
However, the key test ahead is whether Bitcoin can sustain levels near $80,000, as this would confirm market strength; otherwise, a pullback remains possible.