Bitcoin briefly moved above $85,000 on Monday, reaching its highest level since January as global equities strengthened and a sharp recovery from last week’s sell-off gathered pace.
The cryptocurrency had been trading close to $75,000 on 15 September before climbing back above $80,000 on Friday. It rose by more than 5% over the following 24 hours, leaving it less than 3% down for the year.
Despite the rebound, Bitcoin remains about 32.5% below its all-time high of roughly $126,000, reached in October.
Data from CoinGlass showed that more than $750m of crypto positions were liquidated during the 24-hour period. Short positions accounted for $648.3m of that total.
Bitcoin positions made up $360.7m of the liquidations. The largest individual order was worth $11.3m and occurred on Binance’s BTCUSDT market.
Other major cryptocurrencies also advanced. Ethereum was up about 5.6% over 24 hours at $2,717, while XRP gained 7.8% to reach $1.49. Solana increased by 7.2% to $115.75, according to The Block’s prices page.
Oil prices and interest rates
Brent crude fell by about 1.5% on Monday after Saudi Arabia said it expected to restore around half of the damaged capacity of its East-West pipeline within days.
Capital.com analyst Daniela Hathorn said crude exports had recovered from their August lows, although the possibility of further Houthi attacks on Saudi infrastructure remained a risk.
Technology and semiconductor companies led gains in Asian markets. European shares opened higher, while US futures were also in positive territory.
Hathorn said the decline in oil prices was supporting investors’ willingness to take on risk. She also pointed to renewed hopes of diplomatic progress during this week’s UN General Assembly, after President Trump indicated he was prepared to meet Iranian President Masoud Pezeshkian.
Markets are also assessing the outlook for US interest rates after the Federal Reserve raised its benchmark rate by 25 basis points last week. Hathorn said traders were pricing in roughly a 56% chance of another increase in October.
The US two-year Treasury yield was around 4.75%.
Kyle Rodda, another Capital.com analyst, identified Thursday’s planned White House meeting between President Trump and Chinese President Xi Jinping as a possible market catalyst.
