Bitcoin Surges to $85,000 as Bulls Eye Next Milestone
Bitcoin's price surged to $85,000 on Monday for the first time in eight months, marking a significant milestone for the cryptocurrency. This move follows a volatile stretch where Bitcoin traded below $80,000 last week before regaining momentum.
The $85,000 mark is a round-number target and a fresh high for the recovery, and traders who bought earlier in the rally may choose to take profits if it holds. Reaching this level signals strength, but remaining above it would provide clearer evidence that buyers are prepared to defend the move.
Last week's US spot Bitcoin ETF data shows mixed results, with funds taking in a net $6.1 million from September 14 through September 18. However, demand returned on Thursday and accelerated on Friday, with Fidelity's FBTC accounting for $310.7 million of inflows and BlackRock's IBIT adding $108.4 million.
Momentum indicators suggest that the bulls could push the price higher in the near term, but traders will be watching whether ETF buying continues alongside Bitcoin's push through $85,000. The next several trading sessions will show whether Friday's buying was the start of a broader trend or a rebound after heavy withdrawals.