Bitcoin tops $80K amid short squeeze and ETF inflows, eyes on CPI and Fed chair change.

Bitcoin briefly surged past $83,000, its highest since January, driven mainly by a short squeeze rather than fresh demand, as futures open interest rose while spot volumes hit two-year lows. Institutional interest remains strong, with $623 million in ETF inflows, including $194 million into Morgan Stanley's new BTC ETF. Market watchers now focus on upcoming U.S. CPI data and the Federal Reserve chair transition, which could confirm if Bitcoin's rally is sustainable or just a short-term squeeze. The RSI indicates overbought conditions, suggesting spot demand must increase to maintain gains.