Bitcoin just smashed through the $86,000 mark—its first time above that level since late January. This move came alongside a rally in US stocks as oil prices dropped and supply concerns grew. Some market watchers are now calling this the start of a 'new bull market' for crypto.

BTC tops $86,000 for the first time since January

Breaking above $86,000 put bitcoin in the spotlight among risk assets. For investors, this is a major milestone after a long sideways grind that lasted from winter into spring.

Traditional market backdrop

Falling oil prices and supply worries have been a boost for US stock indices. With that macro backdrop, appetite for risk assets—including BTC—has picked up steam.

'New bull market' talk heats up

In recent market commentary, the current crypto surge is being called a 'new bull market.' While that signals a shift in sentiment, analysts aren’t yet laying out specific timelines or price targets for this cycle.