Bitcoin Price Eyes $80,000 Liquidity Grab as ETFs Resume Buying BTC
Cointelegraph
Bitcoin reached $70,000 as bulls target sell liquidity, with $80,000 as the next key target fueled by ETF inflows and potential liquidations.Summary
Bitcoin's price surged to $70,000 during the New York session, as traders anticipated a move to capture sell-side liquidity. Analysts emphasize the importance of maintaining support above the $68,000 trendline and the 200-week EMA at $68,338 for continued recovery. A significant liquidation cluster exists above $72,000, potentially driving the price towards $80,000 if broken. Spot Bitcoin ETFs have seen substantial inflows, with $507 million entering the funds on Wednesday, indicating renewed institutional interest. This demand, combined with potential short liquidations, is expected to support further price increases, though analysts caution that all investment carries risk and thorough research is essential.
(Source：Cointelegraph)