Bitcoin Hits Eight-Month High of $87,381, Then Retreats to Around $85,500

Forecast Trend Report by Period

Bitcoin edged down from an eight-month high after surging more than 13% over four days, as investors locked in profits.

Bloomberg reported that Bitcoin climbed as high as $87,381 during U.S. trading on September 21 before slipping back to around $85,500 in Asian trading. Even so, it remains about $10,000 above last week's low.

Bitcoin has rallied sharply alongside a rebound in risk assets such as stocks, recovering to levels last seen in late January. It still remains below the record high of $126,000 set in October last year and the level above $97,000 reached in mid-January this year.

Rich Rosenblum, co-founder of GSR, said a growing number of investors believe the bear market ended after Bitcoin quickly reclaimed $80,000, with momentum drawing sidelined capital back into the market. If the latest advance is being driven more by macro liquidity than by crypto-specific fundamentals, however, Bitcoin could come under heavy pressure if risk assets falter.