Bitcoin’s $80K Breakout Needs Spot Demand After Short Squeeze: Analysts
U.S. spot Bitcoin ETFs drew $1.9 billion in a week as forced short covering pushed the token through resistance levels, analysts said.
- Bitcoin trades near $79,000 on August 25, climbing nearly 24% from below $64,000 in just one week, its largest weekly gain in more than three years.
- U.S. spot Bitcoin ETFs collected about $1.9 billion during the week ending August 21, with August 20 alone bringing $606.3 million, fueling renewed investor demand.
- More than $4.3 billion in short positions were liquidated during the rally, with approximately $1.29 billion closed within a single hour, amplifying the upward momentum.
- Jayke Kyndrede, senior sales trader at QCP Group, said, "Near term, the market looks stretched but still well supported," as heavy sell pressure stacks between $79,000 and $80,000.
- Investors await July Personal Consumption Expenditures inflation data on August 26, followed by Federal Reserve Chair Kevin Warsh's first Jackson Hole keynote address on August 28.
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BizTocCrypto Mining Stocks Rally as Bitcoin Hovers Around $80K: MARA Jumps 7%, TeraWulf and IREN Climb 5%
Bitcoin briefly cracked $80,000 for the first time in months, sending crypto mining stocks surging well past the broader digital infrastructure pack, but not every miner is rallying for the same reason.
Bitcoin's surge above $80,000 triggered one of the sharpest price increases in recent times in the cryptocurrency market. Due to the rapid price climb, investors who had taken short positions in futures trading saw $4 billion worth of transactions liquidated in a short period.
Bitcoin’s $80K breakout needs spot demand after short squeeze: analysts
Bitcoin has climbed nearly 24% from below $64,000 toward $80,000 as U.S. spot ETF inflows and forced short covering have fueled its strongest weekly advance since March 2023. Nansen senior research analyst Nicolai Søndergaard told crypto.news that Bitcoin has probably…
[Digital Daily Reporter Cho Yoon-jung] Bitcoin has surpassed the $80,000 mark for the first time in three months, driven by a combination of concerns over a weak dollar and a massive short squeeze. The upward trend appears to be continuing, fueled by an inflow of institutional funds and expectations of relaxed U.S. regulations on virtual assets. According to CoinMarketCap, a virtual asset market data site, on the 24th (local time), Bitcoin brie…
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