- Bitcoin rallied more than 5% to above $85,000, an eight-month high, with ether gaining about 5% alongside it.
- Bitcoin closed above its 50-week average for the first time in 45 weeks, a technical trigger that set off forced buying and sent prices surging within minutes.
- The rally came as Brent crude fell to $100 a barrel and the 10-year Treasury yield eased to 4.95% after breaching 5% the prior week, cooling inflation concerns.
- Tech stocks rose with the broader risk bid; Intel and AMD led the sector, Meta gained more than 5%, Tesla advanced, and crypto-linked names Strategy and Coinbase drew heavy reader attention.
- Whether the breakout marks a real trend reversal or a false alarm hinges on price action over the next two weeks.
Quotes
“Bitcoin Jumps Above $85,000 to 8-Month High”
“Bitcoin (BTC-USD) rallied more than 5% to above $85,000 while ether (ETH-USD) also gained about 5%.”
“Bitcoin just crossed a technical threshold it has not touched in nearly a year, setting off a chain reaction of forced buying that sent prices surging within minutes.”
“Brent crude futures (BZ=F) fell to $100 per barrel, easing concerns about persistent inflation.”