Bitcoin Edges Toward September High With $90K Short Squeeze Zone In Focus

Glassnode said long-term Bitcoin holders stayed in profit through the entire cycle, which it said no bear market since at least 2015 has done.

• Bitcoin traded above the $ 86,000 range on Monday, reaching its highest since September.
• Checkonchain's James Check said futures leverage kept declining and funding rates remained below 4% a year.
• According to Glassnode, Bitcoin's largest overhead liquidation cluster sits near $90,000, where leveraged shorts would be forced to close and buy back.

Bitcoin (BTC) edged near $86,300 on Monday, short of its highest close in September, while analysts pointed to a concentration of leveraged short positions near $90,000 potentially setting the stage for a sharper move if the cryptocurrency breaks higher. 

The apex cryptocurrency had reached around $86,597 on September 21, its highest close that month, up about 9% from earlier that month. Sunday's close of $86,490 fell about $100 short, and Monday's price a down about 1.75% from the September high. 

Bitcoin Nears September High As Shorts Stack Up 

The approach has been slow, and Bitcoin’s price was up over 3% over the week. 

In terms of daily gains, Bitcoin’s price was up over 1% during the past 24 hours. On Stocktwits, retail sentiment around BTC moved to ‘neutral’ from the ‘bearish’ zone, while chatter stayed at ‘low’ levels over the past day.