Bitcoin Blasts Past $86K Amid US Stock Gains and Oil Price Drop

Bitcoin prices surged past $86,000 on Monday, marking its highest level since late January. The surge was led by gains in US stocks as oil prices cooled down.

The price of Bitcoin rose nearly 6% to briefly trade above $86,000 for the first time since January 31st. This comes as US stocks opened higher on Monday, with the S&P 500 and Nasdaq Composite Index up 1% and 1.6%, respectively.

Crypto short liquidations totaled almost $800 million in 24 hours, according to data from CoinGlass. This has led some analysts to call for a 'new bull market' in crypto, citing Bitcoin's 50% gains over the past two months as evidence.

According to The Kobeissi Letter, a trading resource, this is indeed a new bull market, driven by rising open interest and fresh capital inflows into US spot Bitcoin exchange-traded funds (ETFs). However, Bitfinex Alpha noted that for further price upside, we would want to see net taker buying rather than profit-taking.