Bitcoin Nears $87K as Altcoin Season Signals Emerge

Bitcoin's price has surged towards the $85,000-$87,000 range after breaking above key technical resistance levels. The strong buying demand from U.S. spot Bitcoin ETFs has supported this move higher.

The latest data shows that these ETFs purchased more than 12,000 BTC in one recent session, followed by another day of purchases exceeding 8,000 BTC. This has helped reduce selling pressure and provided additional momentum after Bitcoin moved above the $80,000 level.

According to Fidelity International's global macro director, if Bitcoin can maintain levels above approximately $85,500, it may be entering a new bull-market phase. However, CryptoQuant founder Ki Young Ju has suggested that investors should not expect another 10x Bitcoin rally, but rather a 3x to 5x gain during the next bullish cycle.

The broader altcoin market is also showing signs of improvement, with several major altcoins outperforming Bitcoin in recent days. Ethereum has moved towards the $2,600-$2,800 range, while Solana and XRP have also seen significant gains.