Bitcoin (BTC) surged past $85,000 during U.S. trading hours before settling at $84,400, marking a 4.7% gain in the past 24 hours. The rebound coincided with a broader recovery in risk assets, as the S&P 500 and Nasdaq rose 1.7% and 2.3%, respectively. Meanwhile, gold retreated below $3,000 after hitting a record high.
Altcoins Rally as Market Sentiment Improves
The CoinDesk 20 Index showed broad market strength, with Solana (SOL), Chainlink (LINK), and SUI leading the gains. Analysts suggest the bounce is driven by macro factors and a potential market stabilization following recent corrections.
Bitcoin Reclaims 200-Day Moving Average
BTC’s rebound pushed it above the 200-day moving average ($83,767), a key technical level that often serves as a support or resistance zone for traders. Closing above this level would signal bullish strength, while failing to hold could indicate further downside.
Leverage Flush Strengthens Market Foundation
According to Paul Howard, senior director at crypto trading firm Wincent, over $2.6 billion in leveraged crypto derivatives positions—mostly long bets—were liquidated over the past seven days. This has reset excessive leverage, creating a healthier market structure for potential further upside.
What’s Next for BTC?
Veteran trader Bob Loukas remains cautiously optimistic, noting that Bitcoin and stocks have more room to run as they recover from oversold levels. “Feels like we should be close to the end of panic selling, at least for now,” Loukas commented, suggesting a potential market reassessment in the coming weeks.
