Bitcoin Breaks Eight-Month High at $85K Amid Reclaimed Levels

Bitcoin's price surged to $85,248 on Monday, its highest point since January 29. This move follows a strong weekly close on Sunday at $81,120, which is the best weekly close since May 4. According to TradingView data, Bitcoin has reclaimed its 50-week exponential moving average near $77,769, previously seen as a prerequisite for continued upside.

However, traders are watching two closely related dynamics: whether Bitcoin can hold above a local high around $82,950 and how quickly market participants take profit as spot Bitcoin ETF-related investors approach their estimated breakeven area near $86,000. The cost basis relevant to US spot Bitcoin ETF investors sits at $85,638, according to Glassnode.

Crypto liquidations surged, with CoinGlass reporting cross-crypto liquidation totals above $600 million over 24 hours. This has raised concerns about the fragility of the market and its sensitivity to profit-taking and renewed macro pressure. The rally also intersects with spot ETF economics, which may be nearing a zone where some investors feel less pressure to add exposure or where incremental buying can slow if traders decide to lock in gains.