Bitcoin Rises 12% on Sustained ETF Inflows; $80,000 Level Proves Key

Bitcoin's price has been boosted by sustained inflows of $2.1 billion into U.S. spot exchange-traded funds (ETFs) over the past eight trading sessions. This influx of capital has helped lift the cryptocurrency's price by 12% from approximately $68,000 to around $77,000.

The report notes that whether Bitcoin can extend its rally may depend on breaking above $80,000, a level that could intensify the battle between buyers and sellers. This zone is particularly significant as it marks the average cost basis for short-term holders, with many of these investors expected to move into profit if the price rises above this threshold.

Historically, selling by short-term holders has emerged around this $80,000 level, contributing to local tops in Bitcoin's price. As a result, analysts are closely watching whether Bitcoin can clear this resistance level and continue its upward momentum.