Bitcoin Soars Past $80k as ETF Inflows Boost Rally

Bitcoin has reached a new milestone, surpassing $80,000 in value on Tuesday. The cryptocurrency jumped over 2% to hit $80,501, driven by renewed inflows into spot Bitcoin ETFs and an improvement in risk appetite.

The price action shows BTC testing the upper Bollinger resistance at $80,273.01, while the Relative Strength Index (RSI) sits at 76.29, indicating overbought territory. The Moving Average Convergence Divergence (MACD) also printed a death cross at 1916.5, but the 50-Exponential Moving Average (EMA) remains firm at $73,668.92 as support.

As the cryptocurrency continues to rally, analysts are keeping a close eye on spot Bitcoin ETF performance and market sentiment. A healthy retracement is likely before further price continuation.