Bitcoin nears $80,000 as liquidity and ETF demand fuel rally

Bitcoin trades above $78,600, up 2% in 24 hours, extending last week's 20% rally—its strongest weekly performance in over two years—as it approaches the $80,000 resistance level. The rally was fueled by Treasury Secretary Scott Bessent's announcement of increased long-term bond purchases, which lowered yields and boosted risk appetite, alongside $1.92 billion in spot Bitcoin ETF inflows last week and widespread short covering. Key events this week include the Core PCE inflation report on Wednesday and a Federal Reserve speech on Friday, which could determine whether Bitcoin breaks $80,000 or consolidates. Technical support sits at $73,400, with a breakout above $82,800 potentially targeting $90,000.