• Bitcoin FOMO has risen to a two-year high, nearing levels last seen months before its all-time high.

• The drive toward $87K is being fueled by corporate buying, cooling oil prices, retreating Treasury yields, and a massive short squeeze.

• Should prices hold above $86K, BTC could revisit the $90K mark.

Bitcoin (BTC) surged 6.42% in the day and 10.42% in the last month to exchange hands at $86,447. Short liquidations have mounted to $556 million in the day as the asset maintained positive momentum above the influential $80,000 mark.

Bitcoin FOMO attains two-year high

Crypto analytics platform Santiment now points out that Bitcoin’s FOMO (fear of missing out) has hit levels last seen in December 2024. That month saw a BTC high of $108,000, with subsequent months leading to the October 2025 historic peak of $126,000.

Even more, Bitcoin’s combined trading volume recently spiked by 39%. And despite the massive shorts experienced, open interest still rose 9.38% in the past 24 hours to reach $61.33 billion.

Other than FOMO, corporations also stepped in on Bitcoin buys, with Strategy recently acquiring 950 BTC. ETF net flows also turned positive, reading $317.10 million as of September 21.

Also cushioning the rally were the falling bond yields and cooking oil prices as market sentiment shifted to cautious optimism.

Analyst and community reaction

With the rise, seasoned analyst Ben Cowen took to X to overturn his bearish sentiment. Strategy Executive Chairman Saylor and analyst Michale van de Poppe welcomed him to the other side, reminding him that analyses are occasionally fallible and require regular review.

Meanwhile, the community took a jab at TV personality Jim Cramer, who said he sold all his Bitcoin almost two months ago, fearing quantum security vulnerabilities. “Inverse Cramer strikes again” now trends as the asset rises above his sell point.

And while most sentiment is bullish, investor Garret Jin has flipped to a bearish stance. After closing a $8.38 million profit on a Bitcoin long position yesterday, he is now shorting 500BTC on a 3x leverage worth $43.23 million.

Parting shot

Santiment concludes by reminding the crypto community that as risk lowers, so do the rewards. The theory, it says, does not guarantee a reversal, and it is only meant to stress vigilance.

“One-sided optimism is where caution becomes useful.”

Near-term outlook

If Bitcoin holds above $86,000, it could reclaim the $90,000 Fibonacci extension. A break below this level, however, could risk a pullback to $82,000-$84,000.

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