Bitcoin Tops $85,000 for First Time Since January

The Block reported that Bitcoin surpassed the $85,000 mark on Monday, a level last seen in January. This price action continued the rebound from last week’s decline, supported by gains in Asian and European equity markets.

The recent volatility saw the asset price near $75,000 on Sept. 15, only to bounce back above $80,000 by Friday. In the last 24 hours, the currency added more than 5% to its value, leaving it down less than 3% year-to-date. The current price sits roughly 32.5% beneath the all-time high of nearly $126,000 recorded in October.

Over the same 24-hour window, more than $750 million in crypto positions were wiped out. CoinGlass data indicated that $648.3 million of these liquidations involved short bets. Positions in Bitcoin specifically accounted for $360.7 million in forced closures. On the Binance exchange, the single biggest liquidation order for the BTCUSDT pair was sized at $11.3 million.

Brent crude dropped approximately 1.5% on Monday. Capital.com analyst Daniela Hathorn stated in a note that Saudi Arabia anticipates repairing about half of its East-West pipeline capacity within days. She observed that crude oil exports have rebounded from August lows, although the threat of additional Houthi strikes on Saudi infrastructure persists. Hathorn added that cheaper oil is supporting investor risk tolerance. She further noted that optimism is rising regarding diplomatic talks ahead of the UN General Assembly, as President Trump has signaled a willingness to meet with Iranian President Masoud Pezeshkian.

Kyle Rodda, another Capital.com analyst, pointed to the White House meeting between President Trump and Chinese President Xi Jinping on Thursday as a potential driver for market moves.