Bitcoin Elliott Wave analysis: the 50-week SMA at $79,050 is the most important level for short-term momentum. Video by More Crypto Online.
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Bitcoin (BTC) has surged past the $85,000 mark, marking a massive 8-month high and extending its strong rebound from last week's lows. The asset is currently trading around $84,200 to $85,000, up over 3.7% to 5% within the last 24 hours and clearing critical long-term resistance.
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Bitcoin Insights Today
-Massive Short Squeeze: The explosive push above $84,000 triggered severe liquidations for short-sellers, wiping out $648 million in bearish bets over a 24-hour period. This forced unwinding of leverage added significant fuel to the upward spike.
-Plunging Oil Prices: A macro tailwind came from falling global energy costs. Brent crude extended a four-session decline to drop below $102 a barrel on easing Middle East tensions, drastically lowering short-term inflation and liquidity pressures.
-Regulatory Breakthroughs: Sentiment was heavily boosted by a major U.S. SEC regulatory shift allowing an innovation exemption for on-chain, tokenized stock trading. Crypto-related equities like MicroStrategy (MSTR) jumped over 7% to 16% in tandem.
-Surging ETF Inflows: Institutional demand is back in full force. U.S. spot Bitcoin ETFs recorded a staggering $433 million to $435 million in net inflows in Friday's session alone, entirely reversing mid-week redemptions.
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