Bitcoin Surges Past $86,000, Hits Near $84,000 Amid Market Consolidation

Bitcoin has rebounded strongly this week, trading near $84,000 after climbing above $86,000. The cryptocurrency was trading at around $84,048 on various platforms. In contrast, Ethereum was down 0.3% in the past 24 hours but still traded near $2,688.

The global crypto market capitalisation increased marginally by 0.3% to $2.97 trillion, according to Coingecko. Nischal Shetty, Founder of WazirX, noted that Ethereum followed a similar trajectory and ended the period close to $2,700. He attributed this to the US Federal Reserve's September policy decision, which reduced near-term uncertainty and encouraged investors to rebuild exposure to risk assets.

However, Shetty also warned that market sentiment is already in the Greed zone. This suggests that some investors may be taking on too much risk. Over the past week, Bitcoin was up 3.6% while Ethereum rose by 2.2%. Among major altcoins, BNB, XRP, Solana, Dogecoin, and Cardano gained as much as 13.3%, but Tron and Hyperliquid corrected less than 1%.

Crypto markets are consolidating after Bitcoin's rejection near $87,000, according to Riya Sehgal, Research Analyst at Delta Exchange. She noted that key support levels for BTC remain around $83,000 to $83,300. ETF flows also remain positive, with Bitcoin ETFs recording about $191 million in net inflows on September 24 and Ethereum ETFs adding around $66 million.