Bitcoin Tops $85,000 as Oil Prices Ease and ETF Inflows Surge

Bitcoin has broken through $85,000, its highest price since January. The market is watching whether it can continue to rise, as indicators show signs of both strength and potential overheating.

Easing oil prices and inflows into U.S. spot Bitcoin ETFs are supporting the bullish case for the cryptocurrency. On September 19, $435 million in net inflows was recorded, the largest since September 3. Fidelity's FBTC saw net inflows of $310 million, outperforming BlackRock's IBIT.

However, there are also signs of short-term overheating. The daily relative strength index neared 70, approaching overbought territory. Rekt Capital warned of bearish divergence, with price highs rising while indicator peaks fall.

Additionally, the total amount liquidated across the crypto market exceeded $600 million in the past 24 hours, according to Coinglass. Break-even levels by price are also in focus, with the average purchase price of Bitcoin held in corporate treasuries at around $80,500 and U.S. spot Bitcoin ETF investors averaging $85,638.