Bitcoin Soars Past $84,800 on ETF Flows and Risk-On Market Mood

Bitcoin surged past $84,800 after ETF flows turned positive, extending its sharp rebound as falling oil prices and risk appetite helped cryptocurrencies overcome setbacks on US crypto legislation and monetary policy.

The original cryptocurrency climbed as much as 5.1% to $85,222 in early New York trading, roughly $7,000 above the lows touched last week after the Clarity Act stalled and the Federal Reserve raised interest rates.

However, traders remain cautious about the momentum's sustainability given difficult macroeconomic headwinds, including crude oil still above $100 a barrel and US Treasury yields elevated.