Bitcoin tops $85,000 as Strategy and Coinbase rise

The rally is feeding through to the stocks most tied to bitcoin’s price, especially Strategy and Coinbase. Strategy closed at $168.50 on Monday, up from $132.25 on Sept. 17 and far above its 200-day moving average of $136.98, while Coinbase climbed to $201.05 from $173.97 over the same period and is now pressing the top of its recent Bollinger Band range.

That matters economically because a stronger bitcoin price supports trading activity, collateral values and fresh demand for crypto exposure after months of volatility. It also suggests investors are looking past the Senate’s rejection of a major crypto bill and focusing instead on the SEC’s tokenized-stock initiative, which has revived hopes that digital assets will keep gaining legitimacy in mainstream markets.

Sentiment gauges from Adalytica show bitcoin in “Greed” territory at 81, up 11 points on the day and 33 points over the past week, while the S&P 500’s trade-signal reading sits at a neutral 49 and the dollar gauge shows extreme greed. That mix points to a market still comfortable taking selective risk even as macro conditions remain unsettled.

For investors, the key issue is whether bitcoin can hold above the $80,000 area and turn the current squeeze higher into a durable trend rather than another short-covering burst. A sustained move would likely keep supporting Strategy, Coinbase and other crypto proxies; a reversal would quickly revive the concern that regulatory headlines and Fed uncertainty can still knock the market off balance.