Bitcoin hits $85,000 after $648M wipeout forces mass buying
Summary
Bitcoin rose more than 5% to $85,193, extending a 35-day gain to about 29%, as short liquidations and aggressive derivatives buying accelerated the rally. Roughly $750 million in leveraged crypto positions were liquidated in 24 hours, mostly shorts, while Bitcoin open interest remained near a record. The move broke above key moving averages and drew bullish interpretations, but those signals have failed before. On-chain activity has not risen comparably: address growth and transaction activity remained near typical levels, leaving the breakout reliant on fresh spot demand. High leverage could amplify further gains or deepen a reversal if momentum fades.
