Bitcoin traded as high as $86,332 on Monday, marking its highest price in eight months. The rally extends a bounce that began near $62,000 on August 17 and carried the cryptocurrency back above $80,000 within a month.
Monday's trading session opened at $81,152 and closed with a gain of 4.98%, continuing gains similar to the previous week's performance. Bitcoin remains approximately 30% below its October 2025 record of above $126,000, and year-to-date losses have narrowed to under 3%.
Liquidations Drive the Move
CoinGlass recorded $877.31 million in crypto liquidations over the trailing 24 hours, with $740.79 million—about 84%—coming from short positions wiped out as Bitcoin climbed. More than 126,000 accounts were liquidated in the period, with the single largest order being an $11.29 million BTC/USDT position on Binance.
Bitcoin accounted for $491.48 million of total liquidations, while Ethereum contributed $195.11 million. The pattern reflects short sellers fighting against the uptrend, with each price advance forcing them to exit and adding momentum to the move rather than capping it.
Macro Backdrop
Falling oil prices have supported the rally. Brent crude dropped for four consecutive sessions on hopes that Washington and Tehran could ease tensions around the United Nations General Assembly, reducing pressure on inflation-sensitive assets broadly.
Traders are also positioning ahead of a planned meeting between Donald Trump and Xi Jinping scheduled for September 24. The 10-year Treasury yield has slipped back near 4.9% after touching its highest level since October 2023 earlier this month. Falling yields typically reduce the opportunity cost of holding non-yielding assets like Bitcoin, making it more attractive compared to bonds.
Technical Positioning
The Relative Strength Index indicates Bitcoin is currently overbought, suggesting the cryptocurrency has moved significantly in a short timeframe. Technical analysis points to a potential support zone between $79,071 and $80,355. A weekly close below this zone would undercut the bullish structure, while holding above it would keep the path toward new highs intact.
Some analysts note that breaking current resistance could potentially lead to further gains, with one zone identified around $95,000 for an additional 15% move from current levels.
Economic Calendar Ahead
Bitcoin's near-term direction will be influenced by several scheduled economic events. Key dates include a Trump-Xi summit on September 24, the Federal Reserve's preferred inflation gauge on September 30, the September jobs report on October 2, and consumer price data on October 14.
