Bitcoin hits eight-week high near $97k as shorts unwind and bets on $100k rise

Bitcoin climbed to an eight-week high above $97,000 as short positions were liquidated and traders increasingly bet on a $100,000 impulse in January. About $680 million in short bets were wiped out in a day, while roughly $750 million flowed into U.S. spot BTC ETFs, underscoring stronger institutional demand. Polymarket traders now assign over a 60% chance of Bitcoin reaching $100,000 before month’s end, and the broader rally is being supported by a “Goldilocks” macro backdrop, with geopolitical tensions remaining largely non-detrimental.