Crypto
Bitcoin Soars to 7-Month High Amid FOMO and Short Squeeze
Bitcoin (BTC) surged to a 7-month high on Monday, lifting market sentiment and institutional confidence along with it.
The peak came after Bitcoin flashed a key bottom sign. However, two key signals raise questions about whether the rally can sustain itself.
Bitcoin climbed to an intraday high of $87,395 on September 21, its strongest price since January 29. The asset traded at $85,326 at press time, up 4.90% over 24 hours.
A short squeeze supplied much of the fuel for this surge. Coinglass data showed $746.6 million in crypto liquidations over 24 hours, with shorts accounting for $647.9 million. Market-wide trading volume rose 39% to roughly $224 billion as that forced buying accelerated the climb.