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Bitcoin Back at USD 87,000: What Changed Since its Last Major Rally?

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Bitcoin Back at USD 87,000: What Changed Since its Last Major Rally?

Bitcoin has returned above USD 87,000, reaching its highest level since late January 2026. The move marks a sharp recovery from earlier weakness, but the market structure surrounding this rally differs from Bitcoin’s previous visit to this price range.

Bitcoin briefly traded above USD 87,000 on September 21, with a peak around USD 87,405. The broader cryptocurrency market capitalization also climbed above approximately USD 2.93 trillion.

The recovery follows strong momentum since August. As per CoinMarketCap, Bitcoin gained about 25% in August and nearly 11% in the last seven days.

On-chain conditions have also changed. Glassnode identified USD 83,000-USD 86,000 as a major resistance zone, where roughly 1.07 million BTC had previously been acquired, predominantly by long-term holders. The same area aligned with liquidation levels and institutional break-even prices.

Breaking through this zone therefore represented an important shift from earlier in September, when Bitcoin repeatedly traded below the ceiling.

US spot Bitcoin ETFs have become a major source of renewed demand. According to SoSoValue, the funds recorded USD 998.95 million in net inflows on September 21, their largest single-day intake since October 2025. BlackRock’s IBIT led with USD 381.4 million, followed by ARKB at USD 289.1 million and Fidelity’s FBTC at USD 238.8 million.

The inflows continued on September 22 and 23, which together accumulated USD 1.061 billion. The inflow was particularly notable as the ETFs had generated only USD 6.2 million in net inflows during the previous week.

Bitcoin also moved above the estimated USD 81,722 average cost basis for US spot Bitcoin ETF holders, putting the average holder back in profit.


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