Bitcoin Surges to $85,000 as Short Squeeze Wipes Out $648M in Bearish Bets

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Bitcoin reached $85,000 following a significant short squeeze that liquidated approximately $648 million worth of bearish positions. The rapid price surge forced traders who had bet against Bitcoin to close their positions at a loss, amplifying the upward momentum. Despite the mass closure of positions, open interest rose 7.59% to $156 billion, indicating that new traders were actively entering the market. This pattern suggests participants are chasing the price rally rather than exercising caution. The development points to heightened speculative activity in the cryptocurrency market.

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