Bitcoin Shatters $80,000 Ceiling as Whales and Institutions Fuel Rally
Bitcoin (BTC) has broken through the $80,000 barrier for the first time since mid-May, reaching a price of $80,632.00 with an intraday gain of 4.6%. This surge was driven by a combination of factors, including a liquidity sweep that flushed out over $750 million in sell positions, strong spot Bitcoin ETF inflows of approximately $1.9 billion during the week of August 17-21, and nearly $4 billion in short liquidations.
The US Treasury's long-term bond buybacks, which have been increasing since mid-to-late August, have also contributed to the rally by lowering bond yields and weakening the dollar. This has pushed investors towards risk assets like crypto, further fueling the upward momentum.
However, experts caution that the next resistance level for Bitcoin is around $82,800, which aligns with the 200-day EMA. If BTC fails to hold above this zone, profit-booking and renewed selling pressure could follow, potentially dragging the price back down.