BTC, ETH price news: Bitcoin above $81,000 as NEAR jumps 23% on ZEC swap traffic
- Bitcoin rebounded roughly 6% over the past 24 hours to trade near $81,300, marking its highest level in two weeks and erasing losses from earlier in the week.
- Forced buying from traders holding leveraged short positions drove the advance, contributing to more than $250 million in short liquidations and helping Bitcoin clear resistance at $78,000 and $80,000.
- Jeff Mei, chief operating officer at exchange BTSE, attributed the weekend spike to the Securities and Exchange Commission clearing onchain trading of tokenized stocks on Thursday.
- Crypto analyst Ted Pillows identified $83,000 as the level Bitcoin must clear to confirm a market bottom, which would break the range containing the asset since August.
- The recovery occurred despite the Federal Reserve's first interest-rate increase in three years, the Senate's rejection of the CLARITY Act, and nearly $746 million in net outflows from Bitcoin ETFs.
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Spot bitcoin ETFs saw $433 million in net inflows on Friday, according to BTC Markets.
Bitcoin climbed to $84,000, reaching its highest level since January 30. Institutional demand, the SEC's new exemption move, and increased risk appetite ahead of the critical US-China meeting are driving the rise.
Bitcoin ETFs Swing Positive as Token Holds Jump Above $81,000
US spot Bitcoin exchange-traded funds recorded chunky inflows at the end of last week, fully reversing earlier outflows and helping to drive the original cryptocurrency back above $81,000 for the first time in a fortnight.
Bitcoin prices have entered a period of consolidation after recovering the $81,000 mark. The price had at one point fallen to the $75,000 range due to U.S. interest rate hikes and the failure to pass virtual asset-related legislation. As of 8:00 AM on the 21st, Bitcoin is trading at $81,159 on CoinMarketCap, a global virtual asset market data site, unchanged from 24 hours ago. The price of Bitcoin... U.S. 'Clarity Act' (virtual
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