Crypto
Bitcoin Price Surges to Near $87K as Altcoin Season Signals Emerge
The Bitcoin price has surged towards $87,000 as it broke above key technical resistance levels. Strong spot buying from US-based Bitcoin ETFs has been a major driver of this rally.
According to Data, Bitcoin ETFs purchased more than 12,000 BTC in one recent session, followed by another day of purchases exceeding 8,000 BTC. This buying has helped reduce selling pressure and provided additional momentum after Bitcoin moved above the $80,000 level.
The increase in institutional demand coincided with Bitcoin's move towards eight-month highs. Over $900 million in leveraged short positions across Bitcoin and the broader crypto market were reportedly liquidated over a 24-hour period.