Bitcoin eyes $85K as massive short squeeze wipes out hundreds of millions in bearish bets
TL;DR Summary
Bitcoin traded near $85,000 as a sharp short squeeze liquidated about $648 million in shorts (out of $746.6 million in 24‑hour liquidations), with open interest rising about 7.6% to $156 billion as traders replaced positions rather than winding them down. The move reflects forced buying and bullish derivatives flow, supported by higher volumes and broad crypto gains, though elevated funding costs suggest renewed volatility ahead.
- Bitcoin hits $85,000 as short squeeze forces out $648 million of bearish bets CoinDesk
- Bitcoin hits highest level since January at $85,000, as the market debates whether the 'crypto winter' is over CNBC
- Bitcoin’s price has cleared a key hurdle that has historically preceded major bull runs CoinDesk
- Bitcoin ETFs Swing Positive as Token Holds Jump Above $81,000 Bloomberg.com
- Bitcoin is back at $80,000 as rest of crypto joins the rally: Chart of the Day Yahoo Finance
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