Bitcoin Rockets Past $87k Amid Sector Capitalization Surge

The crypto market has regained its momentum after a week of correction, with Bitcoin reaching $87,374 on Monday, September 21. This level marks an unprecedented high since the end of January.

The total sector capitalization now approaches $3 trillion, and over the last 24 hours, Bitcoin has gained around 6% to 7%. The price trades in the high $86,000 range at the time of writing.

The rise came after crossing the 50-period weekly moving average, a technical break that accompanied the recent recovery. Hundreds of millions of dollars worth of short positions were liquidated as Bitcoin passed through a liquidation zone from $83,000 to $86,000, according to Coinglass data.