Bitcoin Breaks $86K Barrier as Wall Street Stocks Rise

Bitcoin surged above $86,000 on Monday as Wall Street stocks rose and oil prices cooled. The cryptocurrency gained nearly 6% to briefly trade above $86,000 for the first time since late January.

The move came as US stocks opened higher, with the S&P 500 up 1% and the tech-heavy Nasdaq Composite Index rising 1.6%. Oil prices dipped below $92 per barrel, with WTI crude oil hitting a low of $91.59 per barrel.

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

Crypto short liquidations totaled almost $800 million in 24 hours as analysis called the start of a 'new bull market.'