Bitcoin Nears 8-Month High Above $85K

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Bitcoin hit $85,000 for the first time since January as markets focused on cooling oil prices.

Bitcoin (BTC) starts a new week at its highest levels in nearly eight months as bulls propel the market to $85,000.

Bitcoin hit $85,248 on Monday, marking its highest levels since Jan. 29.

BTC price action is approaching the breakeven point for US spot Bitcoin ETF investors near $86,000.

Markets eyed oil prices below $94 per barrel and bond yields amid talk of US-Iran war diplomacy.

Bitcoin passes $85,000 after weekly close

Bitcoin is facing a key breakout at the time of writing as it hits $85,000 and sets new 33-week highs. Data from TradingView shows BTC/USD advancing after setting a weekly close of $81,120 on Sunday, its highest since the week of May 4.

Crypto short liquidations spiked as a result, with CoinGlass putting the cross-crypto 24-hour total at over $600 million.

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