Bitcoin Surges Above $79,000 as Institutional Demand Fuels Recovery
Bitcoin's price climbed back above $79,000 on Monday, rising 1.56% to $79,079 as total crypto market capitalization increased by 1.1% to $2.65 trillion.
The rally was fueled by fresh institutional demand, with spot Bitcoin ETFs recording $216.70 million in net inflows on August 31 and Strategy announcing its first purchase in about two months, acquiring 4,603 BTC for roughly $369.7 million at an average price of $80,318.
Strategy's total holdings now stand at 845,050 BTC, with traders viewing corporate buying as a signal of sustained institutional conviction in the asset class.
The recovery puts Bitcoin back within reach of a technical breakout that could open a path toward $90,000, according to crypto analyst Ted Pillows, who notes that reclaiming the 50-week simple moving average would support this target range.