Bitcoin Surges Past $85K as Traders Eye $90K and $100K Targets
Bitcoin's price surged past $85,000 for the first time since January, marking a significant milestone in its recovery. The top cryptocurrency by market cap has seen a nearly 6% increase in value over the last 24 hours, according to data from CoinGecko.
This surge comes on the heels of a strong performance last week, with Bitcoin's weekly gain reaching nearly 10%. Kalshi traders are now pricing the odds of BTC breaking through $90,000 during September at 37%, up 18% overnight. Further out, the likelihood of Bitcoin reclaiming $100,000 before the turn of the year is now priced at 38%.
The recent price action has also seen Bitcoin push back above its 50-week moving average, a measure of the asset's average price over the most recent 50-week period. Historically, this has been a strong indicator that Bitcoin's low price for the cycle is in, according to Galaxy's Head of Firmwide Research, Alex Thorn.
Meanwhile, Strategy, the largest Bitcoin treasury firm, has resumed its Bitcoin buys for the first time in about three weeks, adding another $75 million to its balance sheet and bringing its total holdings to 846,800 BTC worth around $71.7 billion at the time of writing.