Bitcoin Surpasses $85,000 After 10% Surge in One Week

Bitcoin has rebounded over the past week, recovering from a dip below $80,000 to trade above $85,000, reflecting a nearly 10% increase. This recovery comes amid reassessed macroeconomic factors and on-chain signals.

On-Chain Trends Support Uptrend

Key metrics indicate Bitcoin remains undervalued:

Declining exchange reserves have reached levels not seen since 2018, with about 2.43 million BTC held on exchanges, down from 3.4 million during the 2021 peak.
The Stablecoin Supply Ratio (SSR) is at 14.3, suggesting available liquidity for new purchases.
Normalized funding rates are between 0.00% and 0.01%, indicating reduced short-term risk.

Bitcoin exchange reserves on all exchanges.
Bitcoin: stablecoin supply ratio.
Bitcoin funding rates on all exchanges.

This combination of declining reserves, a stable SSR, and normalized funding rates fosters a positive outlook for Bitcoin. However, macroeconomic conditions will continue to impact sentiment.