Bitcoin Reclaims 50-Week Moving Average at $86,000

Bitcoin (BTC) surged to $86,000 on the crypto market, marking its highest level in about eight months. According to Wintermute, a major market maker, the market's clearance of two key events triggered an upside breakout from the recent trading range.

The Federal Open Market Committee (FOMC) rate hike and the U.S. Senate's vote on the Clarity Act had been major focal points for investors, but their passage elicited limited reaction as they were largely priced in beforehand.

Before U.S. trading hours began, approximately $250 million in short positions were liquidated, propelling BTC to a sharp rally toward $86,000.