Bitcoin surged to $87K driven by $1B in ETF inflows and a $340M short squeeze, but faces resistance at $85K–$95K.
Macro & Markets ·
Bitcoin reached just over $87,000 on Monday, marking an eight-month high, despite headwinds including a failed Senate vote on crypto market structure legislation and a Federal Reserve rate hike that had pushed the asset to $75,000 only days prior. Nearly $1 billion in ETF inflows fueled the single-day surge of approximately $7,000, while a short squeeze liquidated over $340 million in short positions on the technical side. The lack of historical resistance between $80,000 and $85,000 enabled swift price movement upward.
The rally now confronts major resistance levels at $85,000 and $95,000. Spot demand from US investors showed signs of cooling, as indicated by a shift in the Coinbase Premium Gap toward negative territory, raising questions about whether ETF inflows alone can sustain momentum through the current resistance zone.