Bitcoin tests $85,000 for the first time since January

Bitcoin surpassed $85,000 on September 21, reaching levels not seen since late January. Analysts attribute the rally to falling oil prices and a broader increase in risk assets following reduced tensions between the U.S. and Iran. Bitcoin rose 5.2% over the past 24 hours, with total market capitalization reaching $2.87 trillion. Market liquidations neared $750 million, with short liquidations acting as a key catalyst for the price surge. Additionally, Galaxy head of research Alex Thorn noted that Bitcoin closed the week above its 50-week moving average for the first time in 45 weeks, a signal historically associated with the end of bear market lows.