Bitcoin hits $86,000 as short liquidations fuel rally

Bitcoin reached $86,332 on Monday, marking its highest level since January. The rally, which saw a 4.98% gain today, follows a steady climb from $62,000 in mid-August. CoinGlass data indicates $877.31 million in total crypto liquidations over the last 24 hours, with approximately 84% coming from short positions. Bitcoin accounted for $491.48 million of these liquidations, while Ethereum saw $195.11 million. Market analysts attribute the momentum partly to declining oil prices amid easing geopolitical tensions.