Crypto Market Rally: Bitcoin Price Nears $87K as Altcoin Season Signals Emerge

Bitcoin price today surged towards the $85,000-$87,000 range after breaking above key technical resistance levels, with strong spot Bitcoin ETF buying emerging as a major driver of the latest rally.

BTC price recently moved above the $81,000-$82,000 area, where it had faced resistance around its 50-week moving average and 365-day moving average. Bitcoin then extended gains toward $85,000-$86,000.

Bitcoin ETFs Drive Buying

Strong demand from U.S. spot Bitcoin ETFs has supported the move higher. According to Data, Bitcoin ETFs purchased more than 12,000 BTC in one recent session, followed by another day of purchases exceeding 8,000 BTC. The buying has helped reduce selling pressure and provided additional momentum after Bitcoin moved above the $80,000 level.

Bitcoin ETF Inflows Approach $1 Billion

U.S. spot Bitcoin ETFs recorded nearly $1 billion in inflows in a single session, adding to a sharp increase in institutional demand. The daily inflows rose from $159 million on Thursday to $433 million on Friday before approaching $1 billion on Monday.

The increase has coincided with Bitcoin’s move toward eight-month highs.

Bitcoin’s rally has also triggered significant short liquidations. More than $900 million in leveraged short positions across Bitcoin and the broader crypto market were reportedly liquidated over a 24-hour period.