Bitcoin approaches eight‑month high above $85,000

Bitcoin (BTC) opened the week near an eight‑month peak, trading above $85,000 and marking its highest level since late January.

Price action and technical outlook

On Monday BTC reached $85,248, a 33‑week high. The price is now close to the breakeven level for U.S. spot Bitcoin ETF investors, estimated at $85,638. Bitcoin also reclaimed its 50‑week exponential moving average (EMA) at $77,769, a technical level analysts view as supportive of further upside.

ETF inflows and investor cost basis

U.S. spot Bitcoin ETFs recorded net inflows of $435 million on Friday, the largest daily total since early September. Unlike previous weeks, the majority of new money flowed into Fidelity Investments’ Wise Origin Bitcoin Fund (FBTC), which attracted $310 million, while BlackRock’s iShares Bitcoin Trust (IBIT) saw comparatively smaller inflows.

Corporate treasuries holding Bitcoin have an average cost basis around $80,500, meaning the current price is also above the cost for many corporate holders.

Market dynamics and short liquidations

Crypto short positions were liquidated heavily, with cross‑crypto 24‑hour liquidations exceeding $600 million, according to CoinGlass data.

Oil prices and geopolitical backdrop

WTI crude oil slipped below $94 per barrel after briefly topping $100, as diplomatic talks between the United States and Iran were reported. The decline in oil prices helped ease inflation expectations and contributed to a softer risk environment.

Fed rate expectations

Market pricing from the CME FedWatch Tool shows a 53 % probability of a 0.25 % rate hike at the Federal Reserve’s October meeting, with a near 40 % chance of a second hike before year‑end.