Bitcoin jumped to its highest price since January on Monday, pushing toward $86,000 as a sharp wave of short liquidations, renewed exchange-traded fund inflows, and improving risk sentiment lifted the cryptocurrency market.
The world’s largest cryptocurrency traded as high as about $86,332 during the session, according to Decrypt, after breaking through the $83,000 to $85,000 range. The move marked Bitcoin’s strongest level in roughly eight months and extended a rapid recovery from about $75,900 following last week’s setback in U.S. crypto legislation.
The rally accelerated as traders betting against Bitcoin were forced to close leveraged positions. CoinGlass data cited by Decrypt showed about $877 million in crypto liquidations over a 24-hour period, including roughly $741 million in short positions. Earlier in the session, The Block reported more than $648 million in short liquidations, reflecting a lower rolling total before prices moved further higher.
Bitcoin reaches highest price since January as ETF demand returns
Demand through U.S. spot Bitcoin ETFs also strengthened before Monday’s advance. The funds drew about $159.5 million on Thursday and roughly $433 million on Friday, bringing two-day inflows to nearly $593 million, according to figures cited by financial publications.
BREAKING: Bitcoin surges above $85,000 for the first time since January. pic.twitter.com/w06H0iPmIn
— Polymarket (@Polymarket) September 21, 2026
The broader market backdrop also improved. Oil prices fell Monday as traders reacted to signs of reduced supply concerns tied to the Iran conflict, while Treasury yields moved lower. U.S. stocks rose at the same time, with technology shares leading gains.
Bitcoin’s move followed several volatile days. The cryptocurrency dropped after the U.S. Senate failed on Sept. 15 to advance the Digital Asset Market Clarity Act. The Federal Reserve then raised its benchmark rate by a quarter point on Sept. 16, taking the target range to 3.75% to 4%.
Short squeeze adds momentum near $86,000
Regulatory agencies continued to act despite the stalled legislation. The Securities and Exchange Commission announced a temporary exemption related to tokenized securities trading, while the Commodity Futures Trading Commission issued no-action relief for certain passive software providers.
Glassnode had previously identified the $83,000 to $86,000 range as a key area where long-term holder cost bases, ETF break-even levels and concentrated short-liquidation exposure overlapped.
Bitcoin remained well below its record near $126,000 set in October 2025, but Monday’s advance significantly narrowed its 2026 losses and restored levels not seen since January.
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