Bitcoin Soars Above $73,000 on Rebound in Spot and ETF Demand
Bitcoin has surpassed $73,000 for the first time since June, driven by improving demand in both spot and exchange-traded fund markets.
According to BlockBeats, Gideon Hyams of STS Digital believes that a short squeeze can spark a rally but is not enough to sustain it alone. He points to a recovery in ETF inflows, lower long-term US Treasury yields, and easing uncertainty over crypto regulation as additional support for the move.
Nicolai Søndergaard, senior research analyst at Nansen, agrees that the unwinding of short positions has contributed to the gain but notes that it is not the sole reason. Bitcoin's technical picture has improved, while spot and ETF demand are also strengthening.
However, with the short squeeze largely played out, traders are now looking for continued spot buying to sustain the rally. The key support level for this advance remains at $70,000.