Bitcoin Surges Past $85,000 Resistance Zone Amid Renewed ETF Demand
Bitcoin has reached an eight-month high of around $85,117 after clearing its resistance zone at $82,000 to $83,000. This marks a sharp rebound for BTC, which had been fighting to reclaim $80,000 earlier in the week.
The rally is attributed to renewed ETF demand, with U.S. spot Bitcoin ETFs recording $433 million of net inflows on September 18. Fidelity's FBTC led the charge with $310.7 million, followed by BlackRock's IBIT at $108.4 million.
Falling oil prices have also contributed to the increase in risk sentiment, as Brent crude dropped around 2% to $102, easing Treasury yields and supporting crypto assets.
As Bitcoin continues to climb, analysts will be watching its performance above the $85,000 to $86,000 area. If it can maintain momentum, targets of $88,000 and $90,000 become increasingly likely.