Bitcoin Climbs Above $84K as Bulls Eye Key Technical Breakthrough
After a period of sluggish trading, Bitcoin (BTC) surged past $84,000 on Friday, recovering above a crucial long-term trendline as risk appetite returned to both crypto and traditional markets.
Crypto and Stocks Rebound Together
Bitcoin briefly touched $85,000 before stabilizing at $84,400, up 4.7% in the past 24 hours. The broader CoinDesk 20 Index showed similar strength, with Solana (SOL), Chainlink (LINK), and SUI among the top performers.
Traditional markets also posted solid gains, with the S&P 500 up 1.7% and the Nasdaq rising 2.3%. Meanwhile, gold—often viewed as a safe-haven asset—pulled back below $3,000, after reaching an all-time high the previous day.
Market Reset: Liquidations Clear the Path
Over $2.6 billion in leveraged crypto positions were liquidated in the past week, primarily longs, leaving the market in a more balanced state.
“This latest bounce reflects a combination of shifting macro sentiment and a healthier leverage environment,” said Paul Howard, senior director at Wincent. “Excessive risk-taking has been flushed, which could provide a foundation for further upside.”
Bitcoin Faces Key Test at 200-Day Moving Average
One of the most significant technical developments was Bitcoin reclaiming its 200-day moving average at $83,767, a level often watched by traders to gauge long-term momentum.
Veteran analyst Bob Loukas noted that this recovery could mark the end of the recent wave of panic selling. “We could be entering a multi-week recovery period before the market reassesses its direction,” he said.
For now, all eyes remain on whether Bitcoin can maintain strength above its 200-day moving average, or if another wave of selling will force a deeper correction.
