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The period from September 16 to September 22 brought a clear improvement in the crypto market. Bitcoin rose from approximately $75,600 to $85,900, a gain of close to 14%, after temporarily moving above $87,000. It thereby reached its highest level since January. The rebound is particularly encouraging because it occurred despite a U.S. interest-rate increase and the failure of the procedural vote surrounding the CLARITY Act.
Ethereum advanced by a similar amount, rising from approximately $2,400 to $2,740. ETH exceeded the September 11 high of $2,661, completing a breakout from a consolidation pattern commonly known as a “bull flag.” It subsequently tested the $2,800 area before giving back part of its advance.
The macroeconomic environment remains demanding, although conditions eased slightly toward the end of the period. On September 16, the Federal Reserve raised its policy rate by 25 basis points to a range of 3.75% to 4.00% in a unanimous vote. Several central-bank officials suggested that additional increases remain possible. Nevertheless, the ten-year U.S. Treasury yield retreated from its recent high above 5% toward 4.9%, while Brent crude moved back below $100 per barrel amid hopes for diplomatic progress between the United States and Iran. The simultaneous decline in oil prices and bond yields supported the return of risk appetite.
Institutional flows played a central role in the move. From September 16 through September 21, spot Bitcoin ETFs recorded approximately $1.30 billion in net inflows. After $296 million in outflows on the day of the Federal Reserve’s decision, inflows reached $433 million on September 18 and $999 million on September 21. Ethereum ETFs attracted approximately $150 million over the period, with the $270 million inflow on September 21 more than offsetting the withdrawals earlier in the week. September 22 data was not yet available at the time of writing.
The most important technical signal does indeed involve the 50-week moving average. Bitcoin closed a week above it for the first time in approximately ten months, significantly improving its medium-term structure. A classic golden cross also occurred last week when the 50-day moving average crossed above the 200-day average for the first time since May 2025. Both signals are constructive, but they remain lagging indicators and do not guarantee an immediate continuation of the rally.
The $82,000-to-$84,000 area, which recently combined several resistance levels with the 50-week average, now becomes bitcoin’s first important support. Holding above this region would favour an attempt toward $90,000 and then the 2026 high near $97,900. A move back below $82,000 would instead bring attention to $80,000 and then $75,000 to $76,000. For Ethereum, $2,660 becomes the first technical pivot, followed by $2,560. As long as the latter area holds, the setup remains compatible with an advance toward $3,050. A decline below $2,350 to $2,360 would substantially weaken this scenario.
Institutional adoption continued to advance. Strategy acquired an additional 950 bitcoins for $75.7 million at an average price of $79,670, bringing its holdings to 846,000 BTC. In traditional finance, the European Central Bank launched Pontes, a service allowing blockchain transactions to settle in central-bank euros. Deutsche Bank, Santander and Clearstream are among the initial participants. The ECB also intends to invest a small portion of its €23 billion in own funds in high-quality digital securities.
On the regulatory front, the U.S. Senate failed to advance the CLARITY Act, with the 49-to-50 vote falling well short of the 60 votes required. The result delays the adoption of a comprehensive legislative framework, but it did not prevent the market from rebounding. The SEC and CFTC are continuing their work on digital assets and the trading of tokenized securities. Regulatory progress may therefore continue through the agencies, although that approach is less durable than legislation passed by Congress.
Solana gained approximately 20%, rising from the $97 area to nearly $117. Its ETFs attracted $74.4 million between September 16 and September 21, representing a significant acceleration in demand. ZEC moved above $1,500 and gained more than 30% over seven days, extending its exceptional advance and the renewed interest in privacy-focused assets. These moves and the ETF flows are constructive, but their speed increases the risk of short-term profit-taking. The Rivemont Crypto Fund holds both Solana and ZEC in its portfolio. Approximately 30% of the Fund is currently allocated to ZEC, a weighting that has contributed substantially to the Fund outperforming bitcoin’s advance over the period.
In summary, the week substantially strengthened the market’s structure. Bitcoin absorbed an interest-rate increase, a regulatory setback and still-elevated bond yields before moving above its 50-week average. Nearly $1.3 billion in Bitcoin ETF inflows, Ethereum’s recovery and new institutional developments suggest that demand now extends beyond the covering of short positions.
The main factors to monitor will be bitcoin’s ability to hold $82,000 to $84,000, Ethereum’s ability to remain above $2,660, and the direction of oil prices, bond yields and the Federal Reserve’s next policy signals. Following such a rapid advance, a period of consolidation would be normal. As long as the recently broken levels become support, the overall picture remains constructive.
The presented information is as of September 22nd, 2026, unless otherwise indicated and is provided for information purposes only. The information comes from sources that we believe are reliable, but not guaranteed. This statement does not provide financial, legal or tax advice. Rivemont Investments are not responsible for any errors or omissions in the information or for any loss or damage suffered.
