Bitcoin Blasts Past $81,000 as Bull Market Looms

Bitcoin's price surged above $81,000 on September 3 after a 5% gain in just one day. The rally saw Bitcoin climb from around $77,000 to an intraday high of $81,300-$81,400.

The move marked the strongest sustained push above $80,000 since the late-August rally and coincided with falling Treasury yields and softer Federal Reserve rate-hike expectations.

CryptoQuant analysts cautioned that much of the latest move was driven by short covering rather than fresh spot demand. They noted that a climb above $83,000 will confirm that the current market rally is indeed a bull market.