Bitcoin Surges Past $86,000 Amid Strong ETF Inflows and Regulatory Catalysts

The price of Bitcoin has reached a new milestone, surpassing $86,000 for the first time. This comes as a result of strong inflows into US spot Bitcoin exchange-traded funds (ETFs), with BlackRock's IBIT and Fidelity's FBTC leading the way. The funds recorded around $2.65 billion in September inflows, with BlackRock's IBIT accounting for $1.81 billion of that total.

According to QCP Capital, the move is 'consistent with a concentrated flow trade in an asset with a new regulatory catalyst and improved technical positioning'. They also pointed to $87,400 as resistance and $82,500 as support.

The approval of 3x Bitcoin and Ether products has also expanded regulated leveraged exposure in the US, giving traders access to higher daily sensitivity through exchange-traded products.