HTX analyst: Bitcoin rebound driven by spot buying, sustainability hinges on ETF flows and leverage

HTX (火币 HTX) lead analyst Cloud stated that Bitcoin's recent 16% weekly rally to $87,307 on September 21 was driven by record daily net inflows of $1 billion into U.S. spot Bitcoin ETFs, $650 million in short liquidations, and cooling inflation expectations. While spot buying has taken over, sustainability depends on consistent ETF inflows and controlled leverage. With open interest exceeding $61 billion and funding rates at 0.01%, the market is in extreme greed, signaling potential short-term volatility. Resistance is noted at $87,500 with support between $84,000 and $85,000.