Top Reasons Why Bitcoin Price Is Going Up Today
Bitcoin has climbed to $86,098.82, up 6.5% over 24 hours and 9.7% over the past week, hitting its highest level in eight months. Over the past three months alone, Bitcoin is up 49%, adding $568 billion to its market cap in that stretch.
Falling Oil Prices Are Fueling A Broader Risk-On Move
Oil has dropped to around $97 a barrel after CENTCOM reported that more oil is now flowing through the Strait of Hormuz than six months ago, even amid continued Houthi attacks on Saudi Arabia. Market strategist Gareth Soloway called this a “double positive” for risk assets: falling oil tends to bring bond yields down with it, and lower yields typically support both stocks and crypto simultaneously.
A Hawkish Fed Is Actually Helping, Not Hurting
Last week’s Fed decision initially spooked markets, sending stocks briefly into neutral territory. But according to Soloway, a genuinely hawkish Fed signals officials are serious about controlling inflation, which paradoxically can pull down long-end Treasury yields as investors regain confidence in US fiscal management and accept lower rates in return. That thesis played out by Thursday and Friday, when markets rallied sharply following the initial dip.
Bitcoin Just Confirmed A Higher High
Technically, Bitcoin’s rally carries extra significance because it just posted a higher high compared to its last major bounce, a pattern Soloway says shifts the conversation from “is this just a bear market rally” toward “has the bear market low already been set.”
He pointed to $75,500 as the critical support level Bitcoin needed to hold during its recent pullback, even as the CLARITY Act’s failure in the Senate briefly pressured the market lower. Bitcoin held that line, bounced, and has since climbed roughly $10,000 from those lows in just one week.
Bitcoin Is Finally Catching Up To Other Assets
Soloway said Bitcoin had been notably left behind while the S&P 500 pushed to highs and gold and silver ran their own separate rallies. With Bitcoin now catching a bid of its own, it’s playing catch-up relative to other assets that moved earlier in the cycle.
What’s Next: The Resistance Zone Bitcoin Needs To Clear
Bitcoin is now testing resistance in the $85,000 to $87,000 range, an area marked by a cluster of prior lows. Soloway said a clean break above that zone could open the door toward $97,000 next.
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