Bitcoin inches toward $80K on $1.5 billion ETF inflows, short squeeze adds momentum

Bitcoin inched towards the $80,000 mark supported by strong ETF inflows on Thursday. The cryptocurrency was trading at $78,016 mark registering a marginal growth of 0.7% in the past 24 hours.

Ethereum fell 0.5% in the past 24 hours to trade at $2,352 mark. Among the major altcoins, XRP, BNB, Solana, Tron, Dogecoin, and Cardano slipped up to 3% whereas Hyperliquid went up 2%.

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CoinSwitch Markets Desk said over the past six days, Bitcoin ETFs have attracted more than $1.5 billion, showing steady investor interest. At the same time, short sellers are getting liquidated as prices rise, adding further momentum.

Bitcoin is currently holding near $78K, which is acting as short-term support. As long as it stays above this level, the trend remains stable, CoinSwitch Markets Desk further said.

The global crypto market capitalisation edged down 0.05% to $2.6 trillion, according to CoinMarketCap.

Akshat Siddhant, Lead quant analyst, Mudrex said Bitcoin is largely mirroring the tech sector's gains as investors turned bullish after geopolitical tensions eased and on-chain data shows that over $330 million in leveraged positions were liquidated in the last 24 hours.

Traders could now stay in a wait-and-watch mode until the trend confirmation, he further said.

In the past week, Bitcoin went up 4% whereas Ethereum fell 0.1%. Among the major altcoins, XRP, BNB, Solana, Tron gained up to 2% whereas Dogecoin, Hyperliquid and Cardano slipped up to 9%.

Vikram Subburaj, CEO, Giottus said the current setup is firm, but it is still a test of breakout strength rather than a confirmed expansion leg and the more interesting signal is that the move is not dependent solely on price.

Market perspective

CoinDCX Research Team

One of the major Bitcoin price drivers is the announcement of the extension of the ceasefire with Iran by the US president. Interestingly, traders also placed heavy bets on falling oil prices just before the announcement.

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WazirX Market’s Desk

Bitcoin traded in the $77,800–$78,500 range, holding steady near recent highs. Ethereum moved between $2,350 and $2,400. Price action across both assets remained largely range-bound, as tighter financial conditions offset continued demand.

Riya Sehgal, Research Analyst, Delta Exchange

The crypto market is entering a constructive phase, with price action and derivatives data aligning. Bitcoin’s move toward $78,000–$80,000 is supported by a rebuild in futures positioning and rising open interest, indicating fresh capital rather than short covering.

Current price action, a sharp move shows exhaustion near the $79K supply zone, with a short-term pullback underway after a liquidity sweep.

(Disclaimer: Recommendations, suggestions, views and opinions given by the experts are their own. These do not represent the views of The Economic Times)

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