Bitcoin Price Stalls at $85K Amid ETF Inflows and Overhead Supply
Bitcoin's price has been hovering around $85,000 as it fights to break through this level. According to some analysts, even if Bitcoin fails to reach $100,000, there is still a chance for it to hit this target later on.
The catalyst behind the recent surge in Bitcoin's price was the $1.26 billion inflows into U.S.-listed spot Bitcoin ETFs on Monday. This is the largest single-day haul in roughly 11 months, with BlackRock's IBIT alone pulling in $381.4 million. Glassnode's latest Market Pulse report shows an estimated 1.07 million BTC were bought between $83,000 and $86,000, with the heaviest cluster sitting near $85,000.
However, it is worth noting that there are still concerns about Bitcoin's price reaching new heights. The risk of a pullback to the low $80,000s remains, especially if the market fails to absorb the sellers who have been waiting months just to break even.