Bitcoin Surges to Highest Level Since January Amid Short Squeeze

Bitcoin has surged to its highest level since January, reaching $86,332 on Monday.

The rally's momentum is driven by a short squeeze, with CoinGlass logging $877.31 million in liquidations over the past 24 hours, and $740.79 million coming from short positions caught by the move.

Falling oil prices have also contributed to the rally, with Brent crude dropping for four straight sessions on hopes of easing tensions between Washington and Tehran.

The next three weeks will be crucial in determining the direction of the market, with a Trump-Xi summit on September 24, a PCE inflation reading on September 30, and the September jobs report on October 2 on the horizon.