Short squeeze drives bitcoin toward $85,000 as $648 million shorts liquidated
Summary
Bitcoin rose 5.4% to about $84,984, breaking above its September range and moving past the Sept. 4 high of $82,284. The rally coincided with $746 million in crypto liquidations over 24 hours, including $647.9 million in shorts, suggesting forced buying helped drive the move. Market open interest climbed 7.59% to $156 billion and trading volume increased 39% to $224 billion, indicating traders were rebuilding positions. Most major crypto assets also gained, with 95 of the CoinDesk 100 constituents higher and the index up 3%.
