Bitcoin price tags $86K as analysis sees crypto in ‘new bull market’
Bitcoin crossed the $86,000 mark for the first time since late January as falling oil prices and concerns over supply lifted US stocks.
Bitcoin surged past $86,000 for the first time since late January, propelled by falling oil prices and optimism about potential negotiations to end the US-Iran conflict. The digital currency climbed 5.7% on Monday alone, reaching its highest level since May's start, when US stocks also reported gains amid weakening oil prices. US stocks, including the S&P 500 and Nasdaq Composite, rose 1% and 1.6% respectively, while Bitcoin itself increased by 5.7% during the day, trading at $86,332 on Bitstamp.
Earlier this week, a drop in WTI crude oil prices to as low as $91.59 per barrel contributed to the bullish sentiment, driven by reports from Qatar's Foreign Ministry and US President Donald Trump that diplomatic talks to end the US-Iran war may resume. Positive developments, such as the potential extension of China-US trade deal by six months, ahead of President Xi Jinping's visit, further bolstered investor confidence.
Trading experts noted that Bitcoin's gains, coupled with rising open interest and inflows into US spot Bitcoin ETFs, suggest the onset of a new bullish phase for the cryptocurrency.
Written by urgent.news from Cointelegraph's reporting — not their text. Machine-written — may contain errors; check the original before relying on it.
