Bitcoin surged past $86,000 to reach its highest price level in eight months. The asset broke through a key resistance level of $82,000 that had capped growth since August.
Record net inflows into spot Bitcoin ETFs signaled strong institutional demand. Short liquidations totaling over $454 million within 24 hours accelerated the upward movement.
The market ignored the U.S. Senate’s failure to pass the CLARITY Act. Investors also looked past a recent interest rate hike by the Federal Reserve. Renewed risk appetite and significant corporate purchases supported the price recovery.
The rally boosted crypto-related stocks and shifted overall market sentiment. Analysts now identify $90,000 as the next major resistance level for the cryptocurrency.