Bitcoin has surged to $86,000, continuing its upward trajectory despite the Federal Reserve's recent interest rate hike, according to Bitcoin Magazine data. The cryptocurrency gained roughly 15% in six days, reaching levels not seen since January 28. US Bitcoin exchange-traded funds attracted $999 million in new investment on Monday, reflecting robust investor confidence in the digital asset. The move came despite two developments that had been widely expected to put pressure on crypto: the failure of the CLARITY Act and the Federal Reserve's 25 basis point rate hike.
The broader crypto rally appears to be driven by European Central Bank (ECB) and 27 EU central banks calling for removal of MiCA regulation, as reported by AMBCrypto. The existing MiCA framework requires major stablecoin issuers to hold 60% of reserves in deposits at commercial banks, but the policy change targets holding reserves in more liquid installments with a 5-day maturity period. This shift has brought Quant back into focus as it represents the TradFi rails narrative, with investors seeking enterprise-grade crypto exposure amid discussions about settlement and tokenized assets.
Ethereum climbed above $2,700 and briefly touched $2,800, while Sui gained roughly 30% in 24 hours, according to Bitcoin Magazine reports. Analyst John Gillen noted that the sharper action was taking place in altcoins, even as Bitcoin continued moving higher. Spot Netflow turned negative to around -$124k, marking a significant reversal from $366k the previous day, according to AMBCrypto data. This suggests investors have pulled significant supply off exchanges, indicating strong demand for altcoins alongside Bitcoin's continued strength.
Bitcoin's return above its 50-week moving average was described as a move back above its one-year average, with CryptoQuant data showing Bitcoin crossing above its 365-day moving average, as reported by Bitcoin Magazine. The report described this move as a signal that Bitcoin had finished being in a bear market. The Directional Movement Oscillator (DIOSC) has held within an upward trajectory for seven consecutive days, while the Relative Strength Index (RSI) held above 70, confirming the trend's strength. The technical indicators suggest trend continuation, with potential for Bitcoin to flip $87,000 as a near-term target and $99,000 as a medium-term goal.
This week's crypto market showed aggressive momentum with Quant [QNT] leading gains with a 170%+ rally, breaking above the $160 range and re-establishing long-term holders with profits from years of holding. Bitway [BTW] was the second-largest winner with a 47% rally, maintaining bullish conviction after seven consecutive weeks of gains and crossing the $1.30 level. NEAR Protocol [NEAR] rose 30%, breaking past the $5 resistance and approaching levels last seen at the beginning of Q2 2025. Among notable losers, Akedo [AKE] corrected 40% following a 250%+ rally, while MemeCore [M] declined 27% after a 30% rally that sent it above the $1.50 ceiling before bearish correction.
