Bitcoin Rockets Past $85K as Altcoins Surge, Liquidations Top $750M

Bitcoin's price surged to over $85,000 on Monday, marking its highest level since late January. The asset had been struggling in the past week, falling as low as $75,000 due to a combination of negative news from the US Senate and the Federal Reserve. However, it has shown impressive resilience and rebounded to over $80,000 by Friday.

The bulls were persistent, helping the asset avoid another dip below $80,000. On Monday, bitcoin rocketed to new heights, first reaching $84,000 and then surpassing $85,000 before being stopped. This marked a gain of $10,000 since the Wednesday low of $75,000.

Many altcoins have followed suit, with Ethereum reclaiming the $2,700 level after a notable 6% daily increase. XRP has rocketed by over 7%, and it trades close to the next key resistance on its path to recovery at $1.50.