Bitcoin Breaks $86k as Risk Appetite Returns

Bitcoin jumped 6 % in a single day and briefly crossed $86,000 for the first time since January. It is now trading around $85,683, comfortably above the September high of $82,284 and up more than 14 % from the $75,000 low seen on 15 September.

The move was supported by falling oil prices, lower Treasury yields and renewed optimism around US-China talks. Wall Street joined the rally, with the S&P 500 rising 1 % and Nasdaq gaining 1.6 %.

The sharpest trigger came from a technical breakout that triggered a wave of short liquidations. Over the past 24 hours, $938 million worth of positions were wiped out, $794 million of them shorts. Bitcoin alone accounted for $511 million of that total.

Open interest in crypto futures climbed 8.87 % to $158.52 billion while trading volume more than doubled, showing fresh money entering the market on the back of both macro relief and technical momentum.

Based on information from https://cryptonews.net