Bitcoin climbed above $85,000 for the first time since January, extending its recovery from last week’s selloff as broader risk sentiment improved across global markets.
The world’s largest cryptocurrency gained more than 5% over 24 hours, after trading near $75,000 on September 15 and recovering above $80,000 by Friday. The latest move brought Bitcoin back to levels not seen in roughly eight months.
The rally triggered a wave of forced liquidations across the crypto derivatives market. CoinGlass data cited by The Block showed more than $750 million in positions were liquidated over 24 hours, with approximately $648.3 million coming from short positions. Bitcoin alone accounted for about $360.7 million in liquidations.
The rebound was not limited to Bitcoin. Ethereum rose around 5.6%, XRP gained about 7.8%, and Solana advanced roughly 7.2% at the time of the report, reflecting a broader recovery across major digital assets.
Market sentiment was also supported by stronger Asian and European equities and lower oil prices, which helped improve investors’ appetite for risk. However, traders continue to monitor interest-rate expectations following the Federal Reserve’s latest 25-basis-point increase.
Bitcoin remains below its previous all-time high, but the move above $85,000 has placed the cryptocurrency back at the centre of market attention as traders assess whether the latest rally can extend further.
