BITCOIN RISES ABOVE $85,000 TO HIGHEST LEVEL SINCE JANUARY

Bitcoin rose above $85,000 on Monday, its highest level since late January, as a rally in cryptocurrency prices continued. The price climbed from around $81,000 to touch $85,229 during the session, a rise of almost 5 per cent, while separate data put the price at $84,256, up 3.8 per cent. Ethereum rose around 7 per cent and solana rose 6.7 per cent over the same period. Javier Molina, market analyst at eToro, said the rise reflected improving investor sentiment, stronger demand and a "significant short squeeze" that forced traders betting against bitcoin to buy back into the market.

Molina said bitcoin needed to hold these levels once the short squeeze fades, adding that a sustainable rally would require continued spot demand rather than derivatives-driven buying. Bitcoin remains below the record high reached in October 2025, when one report put the peak at $122,000 and another said it exceeded $126,000. It has risen more than 7 per cent over the past five days and nearly 35 per cent over three months. Matt Hougan, chief investment officer at Bitwise, said the "crypto winter" is over, describing the shift as "crypto spring", and cited rising blockchain activity and involvement from firms including BlackRock as evidence of improving fundamentals.

Analysts at BTIG said bitcoin bulls could target a push through $82,000 towards $90,000, provided the $75,000 level holds. The rally came after the US Senate voted last week to block the Clarity Act, a piece of cryptocurrency legislation, from advancing. Crypto-related shares, including Strategy and Coinbase, traded higher in US pre-market dealing on Monday. Hougan said he expected prices to catch up with improving fundamentals towards the end of the year.