Bitcoin Nears 85000 as Crypto Market Extends September Recovery
September 2026 marked another significant recovery in the cryptocurrency market, building on the momentum from August. Bitcoin (BTC) neared USD 85,000, briefly surpassing USD 87,000, while Ethereum (ETH) approached USD 2,800. Altcoins like XRP, Stellar, AAVE, PEPE, and Dogecoin also saw substantial gains, recovering from earlier lows in 2026.
Institutional investment remained a key driver. US spot Bitcoin ETFs saw USD 2.4 billion in net inflows during the week ending September 25, the highest in nearly a year. Spot Ether ETFs attracted USD 690 million, with Bitcoin ETFs recording USD 999 million in net inflows on September 21 alone.
The macroeconomic backdrop was mixed. The Federal Reserve raised interest rates by 25 basis points to 3.75%-4.00% on September 16, citing elevated inflation, which added pressure to risk assets. Despite this, crypto-specific institutional demand remained strong.
Technically, Bitcoin strengthened its position, trading above its 50-, 100-, and 200-day EMAs. The USD 74,600-USD 74,700 area provided strong support, while USD 85,000 acted as key resistance. Ethereum also showed improvement, reclaiming its EMAs and nearing USD 2,800 resistance. XRP, trading around USD 1.50, defended its moving-average cluster and faced resistance at USD 1.67.