Bitcoin reached a new eight-month high of $87,400 on Monday, surging by over $7,000 from its daily bottom. This spectacular rise was primarily driven by massive inflows into Bitcoin ETFs, which attracted nearly $1 billion in a single day, their best performance in nearly a year. Over $340 million in short positions were liquidated in a classic short squeeze, as spot demand worked in tandem with ETF inflows. This rally occurred despite unfavorable conditions, including the rejection of the CLARITY Act by the US Senate, the Federal Reserve’s interest rate hike, and escalating tensions in the Middle East. Bitcoin now faces significant resistance at $85,000 and $95,000, and will need continued ETF flows to break through these levels.
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