The crypto market has been on a strong run over the past few days, with total cryptocurrency market capitalization, including stablecoins, crossing $2.93 trillion, according to CoinMarketCap. The broader rally has lifted a large portion of the market, with Bitcoin (BTC), the largest cryptocurrency by market capitalization, leading the move as it trades toward $87,395, according to the Binance chart on TradingView.
The surge marks Bitcoin’s highest price level since January 29, 2026, when the asset last traded around these levels more than 235 days ago. Bitcoin has also recorded substantial trading activity during the period, with roughly 4.48 million BTC in volume traded across the market. FinanceFeeds had earlier reported on the potential for a BTC rally as the asset traded within a bullish flag pattern, a technical setup that can precede an upward breakout when buying momentum strengthens.
Bitcoin trades near $87,395 within an $86,074–$90,600 supply zone, with the chart showing $97,924 as the next major target and $100,000 in focus. Source: TradingView.Bitcoin’s current chart structure shows the asset trading inside a supply zone between $86,074 and $90,600. A supply zone represents an area where selling pressure has previously emerged or where traders may be more inclined to take profits, making it an important resistance area for the ongoing rally. If BTC breaks above this zone and sustains the move, the next major target could sit around $97,924, bringing the $100,000 level back into focus.
Market indicators also show that buying strength is building. The volume-weighted indicator has continued to strengthen, while the Accumulation/Distribution indicator has reached 12.78 million. This indicator measures whether money is generally flowing into or out of an asset by combining price movement with trading volume. At the same time, the Money Flow Index, which measures buying and selling pressure by tracking price and volume, has climbed to 64.85, pointing to continued capital inflows into BTC.
What Pushed the Bitcoin Price to $87,000: Record ETF Inflows
The broader crypto market rally has been supported by renewed capital inflows from investors, including institutional participants accessing digital assets through traditional investment products.
One way to track this demand is through cryptocurrency exchange-traded funds (ETFs), which allow investors to gain exposure to digital assets through regulated financial products without directly holding the underlying cryptocurrencies. SoSoValue tracks flows across these products, including Bitcoin and several other crypto assets.
Crypto ETF flows show a record $1.269 billion single-day inflow on September 21, highlighting strong investor demand for digital assets. Source: SosoValue.Recent trading sessions have recorded significant inflows, including a reported single-day inflow of $1.269 billion on September 21. Such flows provide evidence of strong investor demand for crypto-related investment products, although ETF inflows alone do not establish that investors expect prices to rise over the long term.
The Coinbase Premium Index also provides another measure of U.S.-based demand for BTC. The metric compares Bitcoin prices on Coinbase with prices on other major exchanges and is commonly used as a proxy for the relative buying or selling pressure from U.S. market participants.
The index has moved into positive territory, reaching 0.0124%, its highest positive reading since September 5. A positive Coinbase Premium can point to stronger demand on Coinbase relative to offshore exchanges, although the indicator should be considered alongside other market and on-chain metrics rather than treated as a standalone measure of future price direction.
Coinbase Premium Index turns positive at 0.0124%, its highest level since September 5, pointing to stronger U.S. Bitcoin demand. Source: CoinGlass.Altcoin Season Begins as Bitcoin Price Leads the Market Higher
While Bitcoin has attracted significant attention during the latest rally, data from Glassnode shows that the move has also begun spreading across the altcoin market. Glassnode’s Altcoin Cycle Signal recently flipped from Bitcoin Season to Altcoin Season, indicating that altcoins are outperforming Bitcoin on a relative basis.
The Altcoin Cycle Signal measures the relative performance of a broad basket of altcoins against Bitcoin. Its 7-day mean helps identify whether the market is currently in a Bitcoin-led phase or an altcoin-led phase. A move into Altcoin Season does not mean that every altcoin is rising or that Bitcoin must decline. Instead, it shows that the broader altcoin basket is gaining strength relative to Bitcoin.
Glassnode’s Altcoin Cycle Signal flips to Altcoin Season, showing altcoins gaining strength relative to Bitcoin as the market rally broadens. Source: Glassnode.This is important because Bitcoin can continue to rally while altcoins outperform it. The latest shift also points to a potential broadening of the market rally, with capital and momentum extending beyond Bitcoin into other cryptocurrencies. Glassnode’s latest assessment similarly noted that the recent Bitcoin-led move has begun spreading more broadly across the altcoin market.
The Total Crypto Market Capitalization excluding Bitcoin has also expanded during the recent rally, adding roughly $132.82 billion between September 16 and the time of this report. The increase has pushed the altcoin market capitalization toward approximately $1.17 trillion, highlighting the scale of the recent move across assets outside Bitcoin.
Total Crypto Market Capitalization, excluding Bitcoin rises $132.82 billion since September 16, reaching about $1.17 trillion as altcoins gain momentum. TradingView.Data from CoinMarketCap also shows substantial gains among several altcoins over the past 90 days. Pons (PONS), Useless (USELESS), Zcash (ZEC), Pump.fun (PUMP), and Uniswap (UNI) rank among the stronger performers over the period, with some recording triple-digit gains while Bitcoin has gained roughly 38% over the same timeframe.
The performance gap highlights the growing dispersion across the market, with some altcoins significantly outperforming Bitcoin as the latest rally broadens. However, individual token gains should not be treated as proof that the entire altcoin market has entered a sustained uptrend, as performance remains uneven across assets.
Extreme Greed at 78 Flags Risk Under the BTC Price Rally
Although the broader market outlook has turned more bullish, elevated sentiment and increased leverage can leave the market vulnerable to sharp pullbacks, particularly if traders begin chasing prices after a rapid rally.
The Fear and Greed Index provides one measure of this market sentiment by tracking a range of indicators designed to estimate whether investors are displaying fear or greed. Extremely high readings generally indicate that market participants have become more willing to take risk and pay higher prices for crypto assets.
Data from Alternative.me currently places the index at 78, which falls within the Extreme Greed zone. Such a reading does not automatically mean that the market will decline, but it shows that investor sentiment has become increasingly aggressive.
Crypto Fear and Greed Index reaches 78 in the Extreme Greed zone as Bitcoin trades within a key supply area facing potential resistance. Source: Alternative.me.BTC also faces an important technical test as it trades inside the supply zone identified earlier. Strong buying pressure could push the asset through the zone and open the way toward higher resistance levels, while a rejection could trigger profit-taking and a pullback toward lower support levels.
A deeper Bitcoin correction could also affect altcoins, particularly those that have already recorded large gains and therefore carry elevated expectations among traders. The latest Altcoin Cycle Signal shows that momentum is spreading beyond Bitcoin, but sustaining that trend will depend on whether altcoins can continue outperforming Bitcoin while maintaining their own price strength.