Bitcoin climbed more than $7,000 in less than 24 hours to exceed $87,000 on Monday, its highest level since late January, before pulling back to about $86,000. Spot Bitcoin exchange-traded fund demand, lower oil prices, softer Treasury yields and short covering supported the move, which followed sharp declines toward $75,000 after the Senate blocked the Digital Asset Market Clarity Act and the Federal Reserve raised interest rates. CoinMarketCap placed Bitcoin's market capitalization at $1.730 trillion and its dominance above 59%, while the total cryptocurrency market capitalization rose more than 3.5% to $2.9 trillion. Ethereum briefly reached $2,800, XRP reclaimed $1.50 and Dogecoin neared $0.10. About $919 million in cryptocurrency short positions were liquidated during the rally, including more than $557 million in Bitcoin shorts, while rising open interest pointed to renewed leverage and the potential for further volatility around the $90,000-$91,000 area.