Bitcoin Reaches Eight-Month High Above $85,000
Bitcoin surged to a new eight-month high on Monday, reaching as much as $85,222 before settling at $85,117 for the day. The cryptocurrency gained over 4.7%, continuing its upward trajectory that has seen it rise more than 30% since August 19 and nearly 6% in just one week. Analysts attribute this rally to increased ETF inflows, positive regulatory signals, and traders covering short positions. The broader market environment also supported the move, with falling oil prices and optimism ahead of a U.S.-China summit boosting risk assets overall. Ether rose over 4.3%, while other major cryptocurrencies like XRP, Solana, and Monero also gained ground. Market analysts noted that bullish positioning was evident on options platforms such as Deribit. Despite the recent gains, Bitcoin remains below its January peak of $97,000 and significantly under its all-time high from October 2021.
Topics: Bitcoin Cryptocurrencies ETF demand Market sentiment