BTC Surges to Eight-Month High Amid Renewed Demand
Bitcoin (BTC) reached an eight-month high of $87,397 on Monday, fueled by renewed demand, forced short covering, spot Bitcoin ETF inflows, and improved market sentiment.
The flagship cryptocurrency jumped nearly 7% on Monday, reaching a high of $87,397 before closing at $86,593. However, the price is down 1.40% during the ongoing session, trading around $85,396.
Nicolai Sondergaard, Senior Research Analyst at Nansen, explained that despite the rally, Hyperliquid's largest Bitcoin holders remained net short. He noted that more BTC was moving to exchanges than leaving them, potentially raising the supply of BTC available in the market.
Sondergaard emphasized that the rally could continue if under-positioned buyers keep buying BTC, but warned that price action could reverse if Treasury yields increase again or ETF inflows weaken.