Bitcoin reached a price of $86,332 on the Bitstamp exchange, marking a 33-week high. This movement followed a weekly close of $81,120, the highest level recorded since early May. The asset saw a daily increase of 5.7% as market sentiment shifted alongside rising US stock indices.
The market rally coincided with a decline in WTI crude oil prices, which dropped to $91.59 per barrel. Analysts attribute this to potential diplomatic developments regarding the US-Iran conflict and reports of a possible six-month extension of the US-China trade deal ahead of President Xi Jinping's visit.
Market analysts at The Kobeissi Letter identified a new bull market for crypto, noting a 50% gain in Bitcoin over two months. Short liquidations in the crypto market approached $800 million within a 24-hour period, signaling significant volatility as the asset broke its prior macro downtrend.
Research from Bitfinex Alpha highlights that sustained price growth depends on buyer support, increased open interest, and capital inflows into US spot Bitcoin ETFs. Analysts emphasize the need for net taker buying to validate the current breakout and overcome recent profit-taking trends.
Analyst Rekt Capital suggests that Bitcoin has successfully exited its cycle of lower highs observed since October 2025. The new projected trading range for the asset is identified between $86,681 and $93,659, marking a shift from the previous range of $60,000 to $80,000.
