Bitcoin price tags $86K as analysis sees crypto in ‘new bull market’

Bitcoin (BTC) spiked above $86,000 after Monday’s Wall Street open as US stocks rose amid cooling oil prices.

Key points:

• Bitcoin gained nearly 6% on Monday to briefly trade above $86,000 for the first time since late January.
• Crypto short liquidations totaled almost $800 million in 24 hours as analysis called the start of a “new bull market.”
• US stocks opened the week higher as WTI oil prices dipped below $92 per barrel.

Bitcoin, US stocks head higher as oil drops further

TradingView data showed Bitcoin hitting a new 33-week high of $86,332 on Bitstamp, up 5.7% on the day at the time of writing.

BTCUSD one-hour chart. Source: Cointelegraph/TradingView

Upside quickly returned after Sunday’s weekly close, which, at $81,120, was Bitcoin’s highest since the start of May, as oil prices continued a drop from late last week.

Signals from both Qatar’s Foreign Ministry and US President Donald Trump that diplomatic negotiations to end the US-Iran war could resume helped send WTI crude oil as low as $91.59 per barrel on Monday.

“Middle East oil flows remain surprisingly strong despite the disruption to Saudi Arabia’s ‌East-West pipeline,” JPMorgan analysts said in a note on Friday, quoted by CNBC and others.