Bitcoin Surges to $77,320 on Massive ETF Inflows
The price of Bitcoin has surged to $77,320 as investors poured in massive amounts into ETFs, marking their highest inflows in ten months. This trend is not only driven by chart mechanics but also by macro flows and a short squeeze.
According to Bloomberg, the surge in Bitcoin ETF inflows was linked to fiscal concerns pushing capital towards scarce assets. Meanwhile, Fortune reported that a crowded short position betting BTC would stay below $67,000 got 'blown up' in a single afternoon after a Treasury buyback announcement.
The daily chart of Bitcoin confirms a strong uptrend, with price sitting comfortably above the EMA20, EMA50, and EMA200. However, overbought momentum warns against chasing the move at current levels.