BTC price nears eight-month high above $85K: Five things to know in Bitcoin this week
Bitcoin hit $85,000 for the first time since January as markets focused on cooling oil prices.
Bitcoin reached a new high of $85,000, marking its first such level since January as markets focused on declining oil prices. The cryptocurrency is currently testing new 33-week highs, with traders and analysts closely monitoring whether it can maintain this level. Rekt Capital, a trader and analyst, described Bitcoin as facing a "moment of truth" and warned of a bearish divergence on the relative strength index (RSI) indicator, which suggests a lack of momentum to support the price surge.
Bitcoin has reclaimed its 50-week exponential moving average (EMA) at $77,769, a prerequisite for continued upward movement. Investors, including corporate treasuries and holders of US spot Bitcoin exchange-traded funds (ETFs), have returned to the market, with ETFs experiencing a net inflow of $435 million on Friday, the largest daily tally since September 3.
The composition of inflows has shifted from BlackRock's iShares Bitcoin Trust to Fidelity Investments' Wise Origin Bitcoin Fund. Meanwhile, oil prices have been volatile, with WTI crude falling below $94 per barrel following negotiations between the US and Iran. Federal Reserve policy remains a focus, with markets anticipating another 0.25% rate hike at the October meeting, with a 53% probability according to the CME Group's FedWatch Tool.
Written by urgent.news from Cointelegraph's reporting — not their text. Machine-written — may contain errors; check the original before relying on it.
