Bitcoin Surges Past $85K Amid Bullish Momentum

Bitcoin's price has surged past $85K as bulls regain momentum in the market. Despite a sharp retreat from $87,272 on Sept. 23-24, the rebound from the local low of $82,555 remains intact.

The market spent Sept. 25-27 chopping between roughly $84,000 and $85,000 before slipping to that floor.

According to the hourly chart via Bitstamp, bitcoin's price spiked following the publication of PCE numbers. Intraday support now rests at $82,555-$83,000, while nearby resistance stands at $85,500-$86,200.

The 4-hour chart tells a more cautious story after bitcoin's powerful move from $74,913 around Sept. 16 to $87,374 around Sept. 22.