Bitcoin Price Surges 23% in One Week Amid Strong Inflows and Support Zone

Bitcoin's price surged by 23% over the past week to around $77,535, driven by spot buying and strong inflows into U.S. Bitcoin ETFs, which exceeded $1.1 billion. This rally suggests a more sustainable increase in value than a typical short squeeze, as Bitfinex analysts point out that there is limited new leverage. The $68,000-$69,000 range has been identified as a crucial support zone, reinforced by Bitcoin reclaiming its 200-day moving averages.

However, rising U.S. Treasury yields and the risk of profit-taking from coins moved to exchanges could challenge the rally's momentum. Ongoing ETF inflows and macroeconomic factors will be key indicators for the durability of this rally.