Bitcoin crossed the $79,000 mark this Friday, posting a 25.7% gain over seven days, its best week since March 2024. A massive short squeeze led to the liquidation of nearly $2.7 billion in bearish positions across the entire crypto market, a record, while US spot Bitcoin ETFs recorded over $1.1 billion in net inflows over two sessions. Donald Trump’s meeting at the White House with major industry leaders sent a positive signal to markets, with the president urging the Senate to advance a regulatory framework for digital assets. Apparent demand now stands at +25,000 BTC, indicating the market is absorbing more bitcoins than newly produced. Technically, BTC is testing a resistance zone between $73,200 and $77,400, but the daily RSI at 83 points signals overbought conditions that could trigger a short-term consolidation.
Source: Read the original article
