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Bitcoin climbed above $85,000 for the first time in eight months, reaching its highest level since January, as crude oil prices and U.S.
The digital asset is currently trading near $85,736, holding onto the $85,500 mark despite a minor intraday correction.
This surge follows a week where market sentiment was heavily influenced by inflation concerns driven by energy costs. The primary catalyst for the rally was a sharp decline in Brent crude oil prices.
The previous week, Brent had topped $109 per barrel, a spike traders interpreted as a direct threat to the inflation outlook. High oil prices typically keep central banks cautious and long-dated yields elevated.
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