Institutional Demand Pushes Bitcoin Toward Breakout Near $83,000

Bitcoin's price continues to rise, reaching near $80,000 this week after testing the 50-week Simple Moving Average (SMA) at $81,114. Strong institutional demand is driving the rally, with spot BTC Exchange Traded Funds (ETFs) on track to record a second consecutive week of billion-dollar inflows.

According to SoSoValue data, total Bitcoin spot ETF net inflow for this week stands at $1.13 billion through Thursday. This renewed institutional interest reflects growing demand for BTC and supports its price outlook.

Investors are awaiting Federal Reserve (Fed) Chair Kevin Warsh's speech at the Jackson Hole Symposium on Friday, which could provide fresh clues about the bank's monetary policy and trigger volatility across risky assets such as BTC.