BTC price nears eight-month high above $85K: Five things to know in Bitcoin this week

Bitcoin (BTC) starts a new week at its highest levels in nearly eight months as bulls propel the market to $85,000.

Key points:

• Bitcoin hit $85,248 on Monday, marking its highest levels since Jan. 29.
• BTC price action is approaching the breakeven point for US spot Bitcoin ETF investors near $86,000.
• Markets eyed oil prices below $94 per barrel and bond yields amid talk of US-Iran war diplomacy.

Bitcoin passes $85,000 after weekly close

Bitcoin is facing a key breakout at the time of writing as it hits $85,000 and sets new 33-week highs. Data from TradingView shows BTC/USD advancing after setting a weekly close of $81,120 on Sunday, its highest since the week of May 4.

BTC/USD one-week chart. Source: Cointelegraph/TradingView

Crypto short liquidations spiked as a result, with CoinGlass putting the cross-crypto 24-hour total at over $600 million.

Crypto liquidation history (screenshot). Source: CoinGlass

The latest move higher has implications for the views of many market participants on whether price will hold above the prior local high of $82,950 from May. Last week, trader and analyst Rekt Capital described Bitcoin as facing a “moment of truth” as it coiled up below this level.

BTC/USD one-week chart. Source: Rekt Capital on X.com