Bitcoin Hits 33-Week High at $86K as Shorts Lose $800M

Bitcoin climbed above $86,000 on Monday for the first time since late January, gaining close to 6% as US stocks rallied and oil prices kept sliding.

Oil and equities set the tone

TradingView data put the session high at $86,332 on Bitstamp, a fresh 33-week peak.

The move built on Sunday’s weekly close of $81,120, Bitcoin’s highest since the start of May.

Signals from Qatar’s Foreign Ministry and US President Donald Trump that talks to end the US-Iran war could resume sent WTI crude as low as $91.59 per barrel.

JPMorgan analysts said in a note on Friday:

“Middle East oil flows remain surprisingly strong despite the disruption to Saudi Arabia’s East-West pipeline.”

The New York Times reported that Washington plans to extend its trade deal with China by six months ahead of Xi Jinping’s Sept. 23-25 visit.

The S&P 500 was up 1% and the Nasdaq Composite 1.6% at the time of writing.

Shorts get squeezed

The Kobeissi Letter, pointing to 50% gains for BTC/USD in just two months, described crypto on X as being:

“In a new bull market.”

Crypto short liquidations neared $800 million over 24 hours, according to CoinGlass.

What the bulls still need

Bitfinex Alpha flagged buyer support, rising open interest and fresh inflows into US spot Bitcoin exchange-traded funds as the three requirements for further upside.