Bitcoin clears $86,000 as $1B in shorts liquidated again – battle now shifts to $90k
Summary
Bitcoin rose to $87,363, its highest level since January, breaking above a resistance zone near $86,000 and reclaiming major long-term moving averages and key on-chain cost benchmarks. More than $1 billion in short positions were liquidated, helping drive the breakout. On-chain activity also surged, with over 1 million BTC transferred in a week, the highest volume in four years. As Bitcoin approaches $90,000, short-covering demand has largely faded while long exposure and bullish sentiment are rising. Options open interest is concentrated at $90,000, $95,000 and $100,000. Further gains will depend on fresh buying, and growing leverage and optimism could make the rally more vulnerable to a pullback.
