Analysis: Bitcoin has broken through the key resistance zone suppressing its price, and may maintain strong volatility in the short term.

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Odaily Planet Daily News: Bitcoin breaks above the $80k mark, rising approximately 2.6% in 24 hours to $80,150, driving the overall crypto market stronger. ETH increased by 3.6%, and XRP rose by 2%. LVRG Research Director Nick Ruck stated that this breakthrough breaks the key resistance area that was suppressing prices over the weekend, and short-term momentum has clearly shifted to the bullish side; Zeus Research analyst Dominick John pointed out that the upward trend is accompanied by technical short squeeze.

In terms of capital flow, the US Bitcoin spot ETF has achieved net inflows for the fifth consecutive week, attracting about $154 million last week, indicating that institutional allocation demand continues to grow. Analysts believe that if the inflow trend continues and macro uncertainties are factored in, Bitcoin may maintain a strong sideways movement in the short term. The market will focus on subsequent economic data and changes in risk sentiment affecting the trend. (The Block)

BTC1.63%
ETH2.17%
XRP1.8%
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