Bitcoin price tags $86K as analysis sees crypto in ‘new bull market’
Bitcoin surged above $86,000 after Monday’s U.S. market open, reaching a 33-week high of $86,332 and rising about 5.7% on the day. The move came as U.S. stocks advanced and oil prices fell on signs that diplomatic talks to ease U.S.-Iran tensions could resume, along with reports of a possible six-month extension to the U.S.-China trade deal. The S&P 500 and Nasdaq were up around 1% and 1.6%. The rally triggered heavy crypto short liquidations, nearing $800 million over 24 hours. Market commentators said Bitcoin may be in a new bull market, but further upside likely needs continued buyer support, rising open interest, and fresh inflows into U.S. spot Bitcoin ETFs. One analysis said a daily close below $77,100 would weaken the bullish structure, while another pointed to a breakout from Bitcoin’s prior downtrend and a possible target range of about $86,681 to $93,659.
