Bitcoin Breaks $86k, Shift in Leverage to $90k Now Imminent
Bitcoin's price has broken through the $86,000 mark, clearing a major pocket of bearish leverage and putting the cryptocurrency back in the spotlight. The largest cryptocurrency climbed as high as $87,363 over the past 24 hours before easing to $85,824 at press time.
The break above $86,000 has helped Bitcoin reclaim its major long-term moving averages after spending about 300 days below them. According to Glassnode, the asset is now trading above its True Market Mean and short-term holder cost basis, levels that distinguish sustained bullish regimes from weaker market structures.
On-chain activity accelerated alongside the move, with more than 1 million $BTC worth over $92 billion moved during the past week, the highest transaction volume in four years. The combination has left the market entering its next test with much of the short exposure around $86,000 already flushed out.