The price of Bitcoin surpassed $85,000 on Monday, September 21, reaching its highest value since late January. The increase in the cryptocurrency’s market price occurred as financial analysts offered commentary on market conditions and followed a U.S. Senate vote last week on legislation related to digital assets.
According to data from CoinMetrics, Bitcoin’s price reached a high of $85,229 on Monday morning before trading at approximately $84,256 around 6:35 a.m. ET, an increase of about 3.8% for the day. While the price remains below its all-time high set in October 2025, the cryptocurrency has seen a value increase of more than 7% in the last five days and nearly 35% over the past three months.
The price movement prompted commentary from industry figures. In an interview with CNBC, Matt Hougan, Chief Investment Officer at Bitwise, stated his view on the market’s condition. “I do think it’s over, it’s crypto spring, the crocuses are blooming,” Hougan said, referring to a prolonged period of lower prices sometimes called a “crypto winter.”
Hougan attributed his position to what he described as improved fundamentals, citing increased transaction volumes on blockchains and the participation of major financial firms in the sector. “I think we had this unusual situation where you had a cyclical decline in prices even as you had a secular improvement in fundamentals,” he told CNBC.
In a separate analysis, the investment firm BTIG issued a note to clients on Sunday. Analysts stated that if Bitcoin’s price holds above the $75,000 level, their technical analysis indicates a potential move toward $90,000.
The market activity comes in the context of recent legislative developments in Washington. Last week, the U.S. Senate voted to block the Clarity Act from advancing. The proposed legislation was designed to establish a regulatory framework for the cryptocurrency industry, assigning oversight responsibilities between the Securities and Exchange Commission (SEC) and the Commodity Futures Trading Commission (CFTC).
Hougan also commented on the legislative event, suggesting that the bill’s failure to advance could still result in favorable regulatory conditions for the industry under the current leadership of the SEC and CFTC.
Following the price movements in Bitcoin, shares for publicly traded companies with significant cryptocurrency holdings, including Strategy and Coinbase, were reported to be higher in U.S. pre-market trading on Monday.
