Bitcoin (BTC) continues its bullish rally, now trading at $86,406 with a 1.95% gain in the last 24 hours according to live market data. After breaking $84,000 last week, BTC is holding strong above $85,000 for the 5th consecutive day.
The rally is supported by strong fundamentals. Market Cap is now at $1.71 Trillion and 24H volume is $34.2 Billion. The volume/market cap ratio is up, showing high liquidity and investor interest.
Why is BTC pumping?
1. Weak US jobs data (only 29K new jobs) has reduced fears of another Fed rate hike.
2. SEC proposals allowing broader crypto custody for funds is boosting institutional demand.
3. Bitcoin futures open interest is up 60%.
Key Levels to Watch:
Resistance: $87,000 - $88,000 (strong selling zone)
Support: $84,500
Next Target: $90,000
Analysts say if BTC closes above $87,000, it could trigger short liquidations and push toward $90K quickly. However, whales have already sold over 30,000 BTC near $87K, so a small pullback to $82,500 is possible before the next leg up.
Overall sentiment is 61% Buy, and Fear & Greed Index is at 68 (Greed).
This is not financial advice. Always DYOR.
Do you think BTC will hit $90K this week or pull back first? Comment below!