Bitcoin Smashes $86,000 Barrier Amid Cooling Oil Prices
Bitcoin surged above $86,000 for the first time since late January on Monday, as US stocks rose amid cooling oil prices.
The price spike came after a weekend where Bitcoin's weekly close reached its highest point since May, at $81,120. The rise was attributed to diplomatic negotiations between the US and Iran that could resume, which helped send WTI crude oil down to $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. The gain led to increasingly optimistic commentary on longer-term price strength, with some analysts calling it a 'new bull market'.
Bitfinex Alpha noted three key requirements for further price upside: buyer support, rising open interest, and fresh capital inflows to US spot Bitcoin exchange-traded funds (ETFs).