Bitcoin breaks $85K as oil falls and crypto markets rally
6.6 Markets Bitcoin soared past $85,000, hitting its highest since January as falling oil prices and a major short squeeze fueled a broad crypto rally. Monero surged 13%, with risk assets gaining across markets.
Bitcoin surged to a new high, trading as high as $86,355 and breaking above $85,000 for the first time since January. This rally was fueled by falling oil prices, which eased inflation concerns and boosted risk appetite among investors. A massive short squeeze contributed to the momentum, with over $750 million in leveraged crypto positions liquidated—mostly from traders shorting Bitcoin. Major cryptocurrencies followed suit: Monero jumped 13%, while Dogecoin, XRP, Ethereum, and Solana also posted notable gains. Traditional markets mirrored this optimism, as technology stocks and indices rose. Oil prices dropped for a fourth consecutive session amid diplomatic efforts to ease Middle East tensions. Bitcoin’s surge was further supported by increased trading volume and open interest, indicating traders are maintaining high activity and replacing leverage rather than exiting the market.
