[DigitalToday reporter Yoonseo Lee] Bitcoin has risen above the $86,000 level for the first time since late January.

Cointelegraph, a blockchain outlet, reported on Sept. 21 local time that Bitcoin extended gains after U.S. stocks opened and at one point jumped to $86,332. It was the highest level in 33 weeks, with the daily rise reaching 5.7 percent at the time.

The previous day, Bitcoin ended weekly trading at $81,120, the highest weekly close since early May. It then extended gains the next day and moved above $86,000.

The rise came as international oil prices fell and U.S. stocks strengthened. With oil prices declining since late last week, Qatar's foreign ministry and U.S. President Donald Trump suggested the possibility of resuming negotiations on ending the war between the United States and Iran. West Texas Intermediate (WTI) fell to $91.59 a barrel on the day.

JPMorgan also said in a report earlier that oil supply was more resilient than expected despite instability in the Middle East. As falling oil prices and expectations for negotiations to end the war supported appetite for risk assets, the S&P 500 and the Nasdaq Composite rose 1 percent and 1.6 percent, respectively, at the same time.

Expectations of easing trade tensions also supported investor sentiment. The New York Times reported that the United States plans to extend a trade deal with China by six months ahead of Chinese President Xi Jinping's Sept. 23 to 25 visit to the United States. This is the backdrop for assessments that Bitcoin has entered a technically strong rebound phase alongside expectations of easing macro factors.

Optimism about Bitcoin's strength also grew. Research firm The Kobeissi Letter said, "The crypto market is in a new bull market." BTC/USD rose 50 percent in two months, and 24-hour crypto short liquidation totals neared $800 million.

Still, there is also widespread caution that confirmation of supply and demand is needed for further gains. Bitfinex's research unit Bitfinex Alpha cited buying support, an increase in open interest and fresh inflows into spot bitcoin exchange-traded funds (ETFs) as key conditions. It added that for a trend breakout to be confirmed, there needs to be a flow led by net buying rather than profit-taking that blocked gains on Sept. 18 and 19.

From a technical perspective, a signal of breaking out of a downtrend was also presented. Crypto trader Rekt Capital said BTC/USD broke above a pattern of lower highs that had continued since October 2025 and also exited an existing macro downtrend. He suggested a next target trading range of $86,681 to $93,659. He also said, "If Bitcoin clearly breaks out of the $60,000 to $80,000 range, the next milestone is an attempt to enter the blue range."

In this situation, the market's attention is focused on whether Bitcoin can settle in the $86,000 range and whether ETF inflows and buying dominance will actually continue. Another key point to watch is whether profit-taking re-emerges after the sharp short-term surge, or whether the upward move continues toward around $90,000 alongside a recovery in risk appetite.

BREAKING: Bitcoin surges above $86,000 as total levered crypto liquidations near $900 million in 24 hours. This officially puts Bitcoin up +50% since its low seen just 2 months ago. Crypto is in a new bull market. pic.twitter.com/ikU0UfMD4u