BTCUSD Breaks Through $80,000 Barrier Amid Increased Buying Interest
The price of BTCUSD has broken through the $80,000 barrier after about a month, driven by increased buying interest and positive spot ETF flows.
This move reflects renewed interest in the cryptocurrency as it broke key round-number resistance. According to TradingView, U.S. spot Bitcoin ETFs saw inflows of around $160M on Thursday after outflows of around $296M the previous day. The two-day ETF inflows totalled approximately $591M.
The price surge has also triggered a 24-hour short squeeze in BTCUSD, with crypto liquidations reaching around $499M. Shorts accounted for around $445M of this amount, while longs made up just $55M.
JPMorgan notes that elevated short interest and hedging tied to the BlackRock ETF are influencing trader positioning. This could change if hedging dynamics and yield expectations shift.