Bitcoin’s $80K breakout needs spot demand after short squeeze: analysts

Bitcoin has climbed nearly 24% from below $64,000 toward $80,000 as U.S. spot ETF inflows and forced short covering have fueled its strongest weekly advance since March 2023. Summary Bitcoin reached a three-month high near $79,550 after rising almost 24% in one week. U.S. spot Bitcoin ETFs attracted approximately $1.9 billion across five consecutive inflow sessions. Analysts said continued spot demand must replace forced buying for Bitcoin to hold above $80,000. A confirmed breakout could bring $85,000–$90,000 into view, while rejection may trigger another correction. Nansen senior research analyst Nicolai Søndergaard told crypto.news that Bitcoin has probably established an important local bottom, although he wants more evidence from U.S. spot markets before treating the rally as a confirmed cycle turn. Bitcoin traded close to $80,000 on Aug. 24 after advancing from below $64,000 on Aug. 19. The asset reached approximately $79,550 during the run, its highest price since May, according to recent market coverage. Søndergaard said selling pressure has eased, some whales have resumed selective accumulation, and ETF flows have improved. However, he noted that recent readings still show...