Three Signals Point to Possible Bitcoin Move Toward $85,000

Market depth measures the value of buy and sell orders close to the prevailing price, offering a test of whether a rally reflects broad demand or a few large trades moving a thin market. CoinDesk Research said Bitcoin retained substantial order-book liquidity during August, normally a quiet month as Northern Hemisphere trading desks reduce activity. The resilience suggests large capital flows were absorbed without a meaningful deterioration in execution conditions.

Bitcoin climbed nearly 25% last week from about $64,000 to above $80,000, its strongest weekly performance in more than three years. Average 0.5% market depth across major spot exchanges stood at roughly $9.6 million on Aug. 18, when the rally began, and eased to $8.7 million by Aug. 25. CoinDesk Research described the decline as normal snapshot variation, while strong exchange-traded fund inflows and a U.S. Treasury bond-buyback announcement provided additional support.

A bullish divergence occurs when prices continue to make new lows while the relative strength index, or RSI, moves higher, suggesting that selling pressure may be easing. Cointelegraph noted that the last time this signal appeared on Bitcoin’s weekly chart was after FTX collapsed in November 2022. Bitcoin then climbed about 715%, from roughly $15,500 to $126,200, drawing attention to the latest signal.

Cointelegraph reported on June 8, 2026, that Bitcoin had fallen from $75,770 to about $63,000 while its weekly RSI recovered from below 30 to above 34. If confirmed, it would be only the second weekly bullish divergence in Bitcoin’s history. Analyst Van de Poppe said a break above $64,000–$65,000 could open the way to the $79,000 CME gap and resistance above $90,000. The 50-week moving-average target is about $91,755.

Bitcoin recently established key support at $75,600, coinciding with a record high for the U.S. S&P 500 and technology-sector earnings that lifted risk appetite. The $80,000 level is seen as the dividing line between bullish and bearish momentum. A decisive break above it would shift the market’s focus to a target of $85,000.

Market tracking on May 20 showed Bitcoin rebounding from a low of $75,600, first reclaiming $77,000 and then rising to about $77,700 intraday. Traders are watching whether it can retake $80,000. Meanwhile, inflows into DOGE and SHIB strengthened, signaling increased short-term speculative demand, though bearish positioning continued to weigh on the market.

Bitcoin's “golden cross,” in which a short-term trend rises above a long-term trend, is considered a bullish signal. The market is focusing on CryptoQuant's MVRV ratio and the 200-day EMA. After two similar crosses in 2023, Bitcoin first gained about 90%, followed by a rally that delivered a cumulative gain of roughly 400%. The pattern is therefore seen as a clue to a potential trend reversal, though it does not guarantee further gains.

Cointelegraph reported on May 11, 2026, that BTC briefly climbed above $82,000 before retesting $80,000. CoinGlass recorded more than $400 million in crypto-market liquidations over 24 hours. Trader CrypNuevo forecast that Bitcoin could test $84,000–$85,000 this week. CryptoQuant's indicator is closing in on its first such cross in nearly three years, while tensions between the United States and Iran could still amplify short-term volatility.

Bitcoin has rebounded to $78,000, supported by continued accumulation among institutional investors and steady inflows into U.S. spot Bitcoin ETFs. Whether the rally can continue will hinge on whether spot buying can further strengthen confidence in the near-term upside.

The latest market data show Bitcoin has retaken $78,000, but Deribit options pricing implies only about a 25% chance that BTC will top $84,000 by the end of May. Despite the stronger spot price, derivatives traders have yet to make substantial bets on further near-term gains, reflecting a relatively cautious market stance.

Bitcoin reclaimed the $70,000 level as institutional buying through U.S. spot Bitcoin ETFs picked up, bringing some ETF investors close to breakeven. The market views $68,000 as the key medium-term dividing line between bullish and bearish momentum. Whether Bitcoin can hold above it will help determine if the rebound extends into April.

Bitcoin recently traded above $70,000 at one point during the New York session, while U.S. spot Bitcoin ETFs recorded nearly $500 million in net inflows in a single day. Around March 11, analysts said that if the weekly close continued to hold above the $68,000 trendline, a break above $72,000 could quickly propel Bitcoin into the major short-liquidation zone at $80,000.