Crypto: Bitcoin Traders Explain Why BTC Price Could Rebound Toward $85k

The return of spot Bitcoin ETF inflows could fuel a Bitcoin price recovery, as signs of a potential rebound to $80,000 and $85,000 emerge.

Bitcoin (BTC) traded 5.5% above its nine-month low of $74,500 reached on Monday amid hopes of a rebound toward $85,000.

A “squeeze” toward $85,000 is in play as Bitcoin rebounds from multimonth lows.

The return of spot Bitcoin ETF inflows could fuel BTC price recovery in the short term.

Bitcoin bulls fought to secure the recent recovery to $78,000 as traders hoped that further BTC price gains would follow.

Bitcoin “created a massive CME gap this weekend,” analyst Daan Crypto Trades said in a Monday post on X.

Related: Spot crypto volumes plunge to 2024 lows amid investor demand weakens

This is the futures gap formed between Friday's close around $84,445 and Monday’s open near $77,400.

This is the “largest gap we've created this cycle and definitely the biggest weekend move in many months,” Daan Crypto said, adding:

Fellow analyst Titan of Crypto said that after sweeping the previous monthly low at $84,000 and past quarterly low around $80,000, BTC price could rebound toward the first fair value gap (FVG) between $79,000 and $81,000.

Source: CoinTelegraph