Bitcoin targets $85.9K as momentum builds on renewed risk appetite

Bitcoin has broken out of a multi-week trading range between $65,000 and $75,000, signaling a potential rally as risk-on sentiment returns to the market following news of President Donald Trump extending the ceasefire with Iran, CoinDesk reported. On-chain data supports this bullish outlook, with Bitcoin balances on exchanges falling to a multi-year low of 2.67 million, indicating a potential supply shock. Technically, the cryptocurrency has surpassed its 100-day moving average and is now building momentum toward its next target, the 200-day moving average at $85,900, the outlet added.