Bitcoin Surges Above $85,000 as ETF Investors Seek Break-Even
The price of Bitcoin has surged above $85,000 after a week of marginal net inflows. The cryptocurrency's price rally brought in investors seeking to break even on their earlier purchases.
According to Exchange Rates UK, the Bitcoin to US Dollar exchange rate (BTC/USD) climbed to $85,696 on Monday, representing a 5.58% increase from Sunday's close.
The surge cleared the $82,100 area highlighted in Friday's forecast, shifting attention towards sustaining prices above $85,000.
US spot Bitcoin ETFs attracted significant investment, with Fidelity's fund taking in $310.7 million on Friday and BlackRock's fund attracting $108.4 million. However, these purchases largely repaired earlier withdrawals, leaving the full week with just $6.1 million positive.