Bitcoin reached $85,000, marking its highest level in nearly eight months and setting a new 33-week high. The asset closed the previous week at $81,120. This price movement triggered over $600 million in cross-crypto short liquidations within a 24-hour period.
The daily relative strength index is nearing the overbought threshold of 70. Bitcoin has reclaimed its 50-week exponential moving average at $77,769. Meanwhile, the cost basis for US spot Bitcoin ETFs currently stands at $85,638, according to Glassnode data.
US spot Bitcoin ETFs recorded net inflows of $435 million on Friday, the largest daily total since September 3. Fidelity's FBTC fund led the inflows with $310 million, shifting the flow leadership previously held by BlackRock's IBIT.
Market focus is shifting toward oil prices, which traded below $94 per barrel on Monday following a spike above $100 last week. The CME FedWatch Tool indicates a 53% probability of a 0.25% interest rate hike by the Federal Reserve in October.
US 30-year bond yields declined to 5.301% on Monday from a September 11 high of 5.425%. Analysts suggest that recent US bond market interventions may act as a liquidity tailwind for Bitcoin, as investors seek assets perceived as dollar-hedges.
