Bitcoin Tests $87,400 Resistance as Leveraged ETFs Expand Trading Options
Bitcoin has continued its upward trajectory, testing key resistance near $87,400 over the weekend. The cryptocurrency's weekend gains raise questions about whether the move reflects broader market demand or temporary interest in the most liquid crypto asset. The U.S. Securities and Exchange Commission (SEC) approved a 3x Bitcoin exchange-traded product from Volatility Shares, broadening the ways traders can take leveraged exposure without directly impacting spot demand.
At the time of writing, Bitcoin (BTC/USD) was trading at $85,840, up 1.76% on the week. The price remains above key moving averages, with the 20-day simple moving average at $83,369 and the 50-day average at $79,485. The weekend's high reached $86,996 before pulling back to the mid-$85,000s. The $87,250, $87,400 resistance area remains a critical level to watch.
The broader crypto market shows mixed participation, with 50 of the top 100 assets positive and 50 negative over seven days. Spot Bitcoin ETFs saw net inflows of $241.1 million over five sessions, but a single outflow of $148.7 million highlights the variability in institutional positioning. The newly approved leveraged product expands the trading surface around Bitcoin but does not provide a clear directional signal.
As Bitcoin enters the new trading week, the focus will be on whether it can hold above the mid-$86,000s and break through the resistance zone. The trend remains intact, but confirmation from the broader market is still pending. The expanding leverage options could support further exposure, but the underlying market's breadth will determine the sustainability of the move.