Bitcoin Hits Eight-Month High as Crypto Market Rallies

Bitcoin’s price surged to $86,436.31, marking a 2.1% gain over 24 hours and a 3.4% increase over the week. This push brought its highest weekly close in over eight months, with the asset now up nearly 50% over the past three months. Ethereum, XRP, and BNB also saw gains, rising 1.4% to $2,727.32, 2.1% to $1.52, and 2.2% to $796.82, respectively.

The market’s upward momentum is partly attributed to tightening supply. Data indicates long-term holders are accumulating Bitcoin at record levels, with minimal selling even amid recent volatility. This reduced supply leaves less available for trading.

On-chain data reveals that long-term holders navigated the recent downturn without incurring losses, a first in over a decade. Analyst Michaël van de Poppe noted that traders anticipated a deep correction similar to past cycles, but the smaller upside volatility this cycle suggests a smaller downside as well. He described this as a unique cycle, potentially referred to as the “Crypto” cycle, resembling a dot-com style chart.