Bitcoin needs ETF flows to confirm Fed-driven rally to $93,000, Bitget analyst says

Key Takeaways

Bitcoin's recent price rally is supported by lower expectations for a Federal Reserve rate hike, but it needs stronger market flows to confirm a move toward $90,000-$93,000, according to a Bitget analyst.

Market & Token Impact

The crypto asset needs sustained ETF inflows, stronger spot buying, and a daily or weekly close above roughly $87,400 to confirm a convincing breakout. The next upside targets are $90,000 and $93,000, while $84,000 and $82,000 are key downside levels.

Broader Context & What's Next

A convincing breakout would require ETF inflows, spot buying, and a daily or weekly close above $87,400. The next upside targets are $90,000 and $93,000, while $84,000 and $82,000 are key downside levels. The main risks are a stronger-than-expected CPI or PPI report, renewed oil-driven inflation, hawkish Fed guidance, or another rise in long-term yields.

Technical Development

Bitcoin fell back below $86,000 at press time after reaching $86,698 earlier this morning, as most altcoins also declined. The last time BTC traded above $90,000 was in January.