Bitcoin's over $80,000 in demand

Bitcoin rose by nearly 24 per cent from less than $64,000 to close to $80,000, the largest weekly increase since March 2023, driven by an inflow of United States spot ETF funds and a forced flattow. The early release of Lai Søndergaard, Nansen Senior Research Analyst, indicated that Bitcoin may have established an important local base, but he would like to see more evidence from the United States spot market before this rebound is seen as a positive turn of time. Bitcoin traded close to $80,000 on 24 August, rising from $64,000 on 19 August, during which it reached a maximum of approximately $79,550, the highest price since May. Søndergaard stated that sales pressure had been reduced, some whales had resumed selective growth, and ETF inflows had improved, but noted recent data indicating that United States spot demand remained weak, prices were below the cost base of key holders and derivative positions recovered before clear recognition by cash market buyers。