Bitcoin Price Hits $86K as Analysts Declare New Bull Market

Bitcoin surged past $86,000 on Monday, marking its highest price in 33 weeks and prompting analysts to declare the start of a new crypto bull market.

The rally saw BTC gain nearly 6% in 24 hours, with data from Bitstamp showing a peak above $86,300. The move triggered significant liquidations, with nearly $800 million in crypto shorts being wiped out. Trading resource The Kobeissi Letter cited the 50% gain in BTC/USD over two months as evidence crypto is now in a “new bull market.”

Analysts linked the broader market strength to a drop in oil prices, with WTI crude falling below $92 per barrel amid diplomatic signals concerning the US-Iran conflict. US stock indices, including the S&P 500 and Nasdaq, also opened the week higher.

Looking ahead, analysts are watching key levels for Bitcoin’s next move. Bitfinex Alpha noted that validation of the breakout would require sustained buyer support and expanding open interest. Analyst Rekt Capital identified a new target range between $86,681 and $93,659, suggesting Bitcoin has broken its prior macro downtrend.