Bitcoin climbed to $86,332 on Sept. 21, local time, marking its highest level since January 2026.

Blockchain media outlet Decrypt reported that the rise pushed bitcoin into its highest price range in the past eight months.

The upswing also coincided with large-scale short-position liquidations. CoinGlass data showed total crypto market liquidations of $877.31 million over the past 24 hours, including $740.79 million from shorts. Liquidated accounts topped 126,000. The largest single liquidation was a $11.29 million Binance BTC/USDT position.

By asset, bitcoin-linked liquidations were the largest at $491.48 million, followed by ether at $195.11 million. As bitcoin prices rose, short liquidations fed additional buying pressure, producing a short squeeze in this rebound as well.

Bitcoin rebounded from around $62,000 on Aug. 17 and regained the $80,000 level within a month. The daily candle opened at $81,152 and rose 4.98 percent. It remains about 30 percent below the all-time high of $126,000 set in October 2025. The year-to-date decline narrowed to less than 3 percent.

The macro environment also supported the rise. Expectations grew that tensions could ease this week on the sidelines of the U.N. General Assembly between Washington and Tehran, and that also reduced broader pressure on inflation-sensitive assets. The U.S. 10-year Treasury yield, after hitting its highest level since October 2023 earlier this month, fell back to around 4.9 percent.

Matt Hougan (맷 호건), chief investment officer at Bitwise, told CNBC, "Crypto winter is over," adding, "The strongest and longest bull market in crypto history could begin." Bitcoin, however, has previously traded above $85,000 this January before sliding into the $77,000 range, making it too early to be certain it has entered a bull market.

Technical indicators also point to overheating. The relative strength index indicates bitcoin has entered overbought territory. That has raised talk of a near-term pause or a retest of the $79,071 to $80,355 support zone. If the weekly close falls below that band, the uptrend could weaken, while holding it could lead to further attempts to rise.

The next hurdles are also near. U.S. President Donald Trump and Chinese President Xi Jinping are scheduled to meet in New York on Sept. 24, and the personal consumption expenditures price index, which the Federal Reserve watches closely, is due on Sept. 30. The September jobs report follows on Oct. 2. Myriad is pricing a 50 percent chance that bitcoin reaches $90,000 within this month and a 28 percent chance it reaches $92,500.

This rise has drawn attention because short liquidations and easing macro factors coincided, rather than the price rebound alone. It also showed that the next moves could be driven more by external factors such as political schedules, inflation and jobs data.