Bitcoin Hits Eight-Month High Above $85K Amid Market Uptick

Bitcoin (BTC) has started the week strong, hitting an eight-month high of $85,248 on Monday. This marks its highest level since January 29.

The surge in price has significant implications for investors, particularly those holding US spot Bitcoin ETFs, as the current cost basis is around $85,638. Investors who purchased at this level will be near breakeven if prices hold above this point.

Rekt Capital warned last week that a bearish divergence was playing out on the relative strength index (RSI) indicator on daily time frames, indicating a lack of underlying momentum to support the highs and increasing the risk of a sudden reversal. However, with the return to $84,000, the daily RSI is approaching 'overbought' territory at 70.