Bitcoin Surpasses $86,000, Reaching Eight-Month High Amid Regulatory Uncertainty

Article by Bao Yilong, Wall Street View

Bitcoin surged past $85,000, reaching its highest level in eight months. Amid setbacks in U.S. cryptocurrency regulatory legislation, digital assets did not continue to face pressure but instead rapidly recovered their losses. Bitwise Chief Investment Officer Hougan declared that the "crypto winter" is over and the market has entered the "crypto spring."

Hougan definitively concludes that the nearly year-long "crypto winter" has ended and anticipates this could become the strongest and longest-lasting bull market in cryptocurrency history.

Over the past five days, Bitcoin has risen more than 7% cumulatively, and over the past three months, it has gained nearly 35%. From a technical perspective, BTIG analysts believe that as long as Bitcoin holds support near $75,000, bulls could push further toward the $90,000 region.

This rebound occurred against the backdrop of the Digital Asset Market Clarity Act failing to pass a procedural vote in the Senate, challenging the simplistic notion that legislative failure equals a negative market signal, as the market begins to reassess the true impact of regulatory uncertainty.

Legislative setbacks have not halted the rebound