BTC price nears eight-month high above $85K: Five things to know in Bitcoin this week
Bitcoin opened the week near $85,000, its highest level in almost eight months, after a weekly close of $81,120, the strongest since early May. The move triggered more than $600 million in crypto short liquidations. BTC has reclaimed its 50-week EMA and is nearing overbought conditions on the daily RSI, though some analysts warn of weak momentum and possible reversal risk if it fails to hold above the prior local high near $82,950. ETF demand remains supportive: US spot Bitcoin ETFs logged $435 million in Friday inflows, with Fidelity’s FBTC outperforming BlackRock’s IBIT. Bitcoin is also approaching the average cost basis for US ETF holders at about $85,638. Broader markets are being shaped by falling oil prices, easing bond yields, and shifting expectations for Federal Reserve hikes, with markets pricing in another 0.25% increase in October and possibly one more later in the year.
