Bitcoin surged to an intraday high of $87,374 on Monday, its strongest level since late January, as short covering and fresh ETF inflows drove a rally of roughly 6% to 7% in a single day. Traders are now debating whether $90,000 is next, even as one chart analyst flags a bearish momentum signal that often shows up near the end of a strong run.
Bitcoin's rally has put $90,000 back into trader conversations after the cryptocurrency ripped to an intraday high of $87,374 on Sept. 21, its highest level since late January. The broader crypto sector is nearing $3 trillion in value, and bitcoin has climbed roughly 6% to 7% over the past 24 hours after rebounding from lows near $75,000 to $76,000 last week.
Short covering and ETF inflows fuel the surge
The advance crossed bitcoin's 50-period weekly moving average before tearing through an $83,000-to-$86,000 liquidation zone, forcing hundreds of millions of dollars in bearish bets out of the market. As a result, US spot bitcoin ETFs recorded $433 million in net inflows on Friday, Sept. 18. Strategy said Monday it acquired another 950 BTC last week, lifting its total holdings to 846,000 BTC.
According to stock-to-flow creator Plan B: "Last time you'll see Bitcoin under $100K?"
$90,000 in view, altcoin season still waiting
Bitcoin's peak now puts the $90,000 level within reach, though the asset remains roughly 31% below its Oct. 6, 2025 all-time high near $126,277. Ether, solana, XRP and monero have also advanced alongside bitcoin, and some smaller crypto assets posted double-digit gains during Monday's session. Yet an altcoin season has yet to arrive: the Altcoin Season Index currently reads 47, still short of the 75 threshold needed to flip from Bitcoin Season.
Technical targets point higher, but momentum flags a warning
A chart analyst cited by Coinpedia said bitcoin completed a five-part upward pattern that began at July's low, after breaking above its 50-week moving average near $78,320 and its May swing high. The pattern's next targets sit between $88,600 and $92,220, with an extended target of $97,637 if the bull run continues.
Momentum tells a more cautious story. The analyst pointed to a bearish RSI divergence, where price sets a higher peak while the indicator posts a lower one, a pattern that often appears near the end of a strong rally. On the shorter timeframe, the key level to watch is $80,120, the point below which the short-term uptrend would be considered broken.
Sources: Bitcoin News, Coinpedia Fintech News
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