Bitcoin Climbs Past $85,000 as Short Sellers Get Squeezed Out

Bitcoin has pushed above $85,000, gaining sharply over the past day as a wave of forced buying from short sellers added fuel to the rally.

Short Sellers Under Pressure

The price rise triggered heavy liquidations, with roughly $300 million in short positions wiped out within a single hour, making up the vast majority of all liquidations during that period. Traders who bet on falling prices using borrowed funds were forced to buy back their positions as losses mounted, which pushed prices even higher and triggered further liquidations.

Over a full day, total liquidations crossed $700 million across more than 130,000 traders, with the biggest single loss involving an $11 million bitcoin position.

Broader Market Movement

Other major tokens also gained, led by a sharp jump in Monero, while dogecoin posted solid increases. Stock futures linked to crypto companies rose as well, alongside broader gains in equity futures. Oil prices fell for a fourth straight session amid easing tensions in the Middle East, while investors positioned themselves ahead of an anticipated meeting between the US and Chinese leaders later this week.