Bitcoin Hits $86K Eight-Month High as Short Squeeze Fuels Rally

Bitcoin hit an eight-month high of $86,000 on Monday, extending a rally driven by short liquidations, renewed ETF demand and rising leverage. The breakout accelerated after clearing $82,000 resistance. CoinGlass data showed roughly $750 million in bearish positions liquidated, adding automatic buy pressure. Schwab's Jim Ferraioli attributed much of the 5% morning gain to the squeeze.