Bitcoin tops $85,000 as rally gains steam, but thin liquidity keeps pullback risk alive
- —BTC gained nearly 6% and trades above $85,000 after closing the week above the 50-week SMA at $78,214
- —Spot Bitcoin ETFs took in $6.21 million last week versus a $462.73 million outflow the prior week
- —Bitcoin open interest rose 3.62% in 24 hours, with roughly $49 million in short liquidations
- —The Fed hiked rates to 3.75%-4.00%, while the DXY added 1.12% and moved back above 100
Why it matters: The rally rests on short covering and leverage rather than fresh capital, so holding the $82,700-$82,800 zone is needed to confirm a trend reversal.
Source: FXStreet Crypto