Home · Business · Sep 21 archive
Bitcoin Surges Above $85,000 for First Time Since January
Confirmed
In Short: Bitcoin's price surged above $85,000 U.S. early on September 21, marking its highest level since late January, according to Baystreet.ca and Startup Fortune.
Bitcoin's price surged above $85,000 U.S. early on September 21, marking its highest level since late January, according to Baystreet.ca and Startup Fortune.
The rally began late last week, with Bitcoin gaining more than 25% since the end of August, rising from below $65,000 U.S. Other cryptocurrencies also saw significant gains, with Ethereum up 4% to $2,730 U.S. and Dogecoin up 7% to $0.09 U.S.
Michael Saylor, founder of Bitcoin treasury and a pioneer in the digital asset space, noted that the failure of the Clarity Act could be beneficial for the crypto market.
Alex Kuptsikevich, FxPro's chief market analyst, observed that the crypto market capitalization has risen to $2.8 trillion, its highest level since January.
Pratik Kala, a portfolio manager at digital-asset hedge fund Apollo Crypto, stated that the Bitcoin options market is positioned to capture the upside.
The short squeeze, where bearish traders were forced to buy back Bitcoin, played a significant role in the price surge.
Bitcoin's price had previously fallen to a low of $58,000 U.S. in June 2025, before the recent recovery.
Bitcoin's price stalled below $85,000 several times since late August, but the recent gains indicate a strong upward trend.
Andrew Melville, head of research at Block Scholes, noted that short-dated implied volatility for Bitcoin and Ether fell strongly once the week's event risks passed.
The crypto market's resilience is evident, with Bitcoin trading at $80,914 on Binance and Ethereum, XRP, and Dogecoin also showing significant gains.
What this adds
The exact reasons for the short squeeze and the extent of its impact on Bitcoin's price remain unclear.
What's confirmed
- 6, 2025, Bitcoin’s price fell to a low of $58,000 U.S.
What's still developing
- Some analysts say that Bitcoin and other cryptocurrencies are rebounding as investors rotate out of artificial intelligence (A.I.) stocks an allocate capital to other growth areas of the market.
- Bitcoin’s gains build upon a recovery that began late last week, when crypto absorbed the failure of the landmark Clarity Act (up around 14% since) to establish a clearer understanding of industry regulation as well the Fed's first interest-rate increase in more than three years.
- Bitcoin ripped past $85,000 on Monday for the first time since January, and a short squeeze did most of the heavy lifting.
- That eight-month high didn't come from a wave of fresh buyers deciding bitcoin was suddenly cheap.
- They kept betting against bitcoin, and kept losing.
- This time they are rising together, and the reasons are mostly regulatory and macro.
- Bitcoin traded at $80,914 on Binance at 18:07 UTC, up 5.9% on the day, while Ether rose 6.4% to $2,603, XRP gained 7.3% to $1.39 and Dogecoin added 7% to $0.0874 on Bitstamp.
- The move comes two days after the Federal Reserve raised rates for the first time since 2023 and three days after the Senate failed to advance the CLARITY Act.
- Neither shock broke the charts, and all four coins are now testing the upper edges of the ranges they built since August.
- He added that 7-day volatility Volatility In finance, volatility refers to the amount of change in the rate of a financial instrument, such as commodities, currencies, or stocks, over a given time period.