Bitcoin reached the $85,000 mark for the first time in January 2026, making a strong recovery after nearly eight months. According to CoinGecko, the leading cryptocurrency surged by 5.3% over the past 24 hours and has gained more than 10% in the past month. The recent price movement comes at a time when broader market sentiment remains bearish. The US Senate recently rejected the highly anticipated CLARITY Act, legislation that aimed to provide regulatory guidance and pro-cryptocurrency support for digital assets in the country. The rejection disappointed many industry participants who had hoped for a more favorable legal environment for cryptocurrencies.