Bitcoin Hits Three-Month High Despite Weak Spot Demand

Bitcoin reached a three-month high on Monday due to increased buying in exchange-traded funds (ETFs) and long positions. Despite this rise, spot demand for the cryptocurrency remained weak.

The price of bitcoin surged as high as $80,595 before retreating to $78,790 by 09:52 ET. The near 12% surge in April was largely driven by bargain buying, with some progress made towards the passage of a major U.S. regulatory bill also contributing to the gains.

Broader crypto prices saw limited gains and losses on Monday, but bigger gains were held back by ongoing uncertainty over the Middle East war and global interest rates.