[Bitcoin Breaks $80,000 Backed by Institutional Funds, Analysts Divided on Rally's Sustainability] BlockBeats News, September 24: Bitcoin recently broke through $80,000 and briefly touched $87,300. Analysts believe this rally has been supported by strong inflows from institutional funds and spot ETFs. However, indicators such as trading volume, market breadth, and derivatives positions suggest there is still disagreement on whether the rally can sustain. K33 stated that Bitcoin's recent pullback in magnitude and duration is significantly smaller than the major bear markets of 2013, 2017, and 2021, indicating that the current cycle's low point may already be established. K33 also noted that Bitcoin still has room to catch up compared to gold and U.S. equities. 21Shares believes that the U.S. SEC's introduction of an "innovation exemption" and the CFTC's progress in formulating related rules provide further regulatory tailwinds for the crypto market. K33, on the other hand, argued that the dissipation of uncertainties such as the Federal Reserve's interest rate decisions and the vote on the CLARITY Act has also helped the market achieve this breakthrough. However, Nexo remains cautious, pointing out that recent market trading volumes have declined, the breadth of the rally has narrowed, and leverage in derivatives is rising, which could expose Bitcoin to profit-taking or a phase of correction risk. Analysts at (Capital.com) believe that the $87,000 to $88,000 range is a resistance zone in the near term. If broken, the next target would be $90,000, while support levels to watch are $84,000 to $85,000 and $80,000. Fundstrat founder Tom Lee stated that the crypto bull market has already begun, attributing this rally to factors such as AI-driven capital flowing back into the crypto market, improvements in crypto fundamentals like tokenization and AI, and the conclusion of the four-year cycle. [Original Link]