Bitcoin Storms Past $85K Barrier as Institutional Demand and Oil Prices Contribute to Rally

Bitcoin (BTC) surged past $85,000 for the first time since late January, reaching an intraday peak of approximately $85,248. This marks the strongest price performance in eight months.

The cryptocurrency's upward momentum came after a bounce from levels below $76,000 following last week's Federal Reserve interest rate hike and buying pressure throughout the weekend propelled BTC beyond its earlier May peak around $82,950.

Total liquidations across cryptocurrency markets exceeded $600 million during a 24-hour period as prices climbed higher.

U.S. spot Bitcoin ETFs saw net capital inflows of $435 million on Friday, with Fidelity's Wise Origin Bitcoin Fund capturing $310 million of that investment activity.