Bitcoin Topples $86K Amid Cooling Oil Prices and Bull Market Hopes
Bitcoin's price surged above $86,000 on Monday after US stocks rose amid cooling oil prices. The cryptocurrency gained nearly 6% 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.' Signals from Qatar's Foreign Ministry and US President Donald Trump helped send WTI crude oil prices down. This decline in oil prices contributed to Bitcoin's gains, which led to increasingly optimistic commentary on longer-term price strength.
The Kobeissi Letter described crypto as being 'in a new bull market' due to 50% gains for BTC/USD over just two months and crypto short liquidations neared $800 million. Bitfinex Alpha noted buyer support, rising open interest, and fresh capital inflows to US spot Bitcoin exchange-traded funds (ETFs) as three key requirements for further price upside.
Rekt Capital confirmed that BTC/USD had broken out of a cycle of lower highs in place since October 2025. He identified a new target trading range between $86,681 and $93,659.