Bitcoin Climbs Above $85,000 as Institutional Demand Returns

Bitcoin’s price climbed above $85,000.

This was its highest level in about eight months.

One market expert said several factors helped cause the rise.

Investors seemed more confident about the economy.

Large institutions also showed renewed interest in Bitcoin.

The Federal Reserve raised interest rates by 25 basis points.

However, investors thought future rate increases might be less strict than expected.

Bitcoin exchange-traded funds in the United States received about $593 million over two days.

Many investors betting against Bitcoin were forced to close their trades, adding momentum to the rally.

Some investors may also have bought Bitcoin when its price fell near $76,000.