Bitcoin Crosses $85,000 for First Time Since January

The cryptocurrency reached an eight-month high amid a surge in short liquidations and cooling oil prices.

The price of Bitcoin crossed the $85,000 mark for the first time since January, touching an eight-month high, according to reports by The Block and Cointelegraph.

According to The Block, the sharp rise in the cryptocurrency's price was accompanied by a surge in short liquidations across the crypto market.

Meanwhile, Cointelegraph noted that the market rally comes as investors focus on cooling global oil prices. Further details regarding trading trends later in the week have not yet been released.