The latest Federal rate decision pushed Bitcoin towards $86K, opening the path to the key resistance at $90K.
Bitcoin exchange-traded funds recorded inflows of $512 million in the three days leading up to the Fed’s decision.
Such trends signal massive institutional demand fueling Bitcoin’s prevailing bullish momentum.
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Underlying demand drive Bitcoin recovery
Bitcoin hit $85.91K as the Federal Reserve maintained the interest rates steady, boosting the appetite for risk assets.
Meanwhile, the upside trend emerged after Bitcoin ETFs saw inflows for three days.
SoSoValue data shows BTC ETFs saw positive inflows for three trading days after an extended selling spree.
Bitcoin inflows gained $512 million ahead of the Federal rate decision.
These developments indicate immense demand from institutional players amid shifting macroeconomic conditions.
Can the optimism propel BTC to the crucial resistance at $90K?
Bitcoin exhibits robust upward momentum. Coinglass data shows short BTC positions worth over $290 million closed at around $85K.
Moreover, liquidation heatmaps confirm that short BTC liquidations at $85K could have weakened nearest resistance levels.
The prevailing momentum might see the asset flirting with the key obstacle at $90K.
Bitcoin trades at 85,698 following an over 3.50% gain in the past day.
Analyst Michael van de Poppe expects gradual recoveries to $90K in the coming two weeks, provided Bitcoin keeps the $81.5K support.
