Bitcoin hits $85,000 as short squeeze forces out $648 million of bearish bets
60-second summary
Bitcoin surges to $85,000, triggering a short‑squeeze that wipes out $648 million of bearish positions. Open interest rises 7.59% to $156 billion, indicating traders are adding to the rally instead of retreating. The aggressive buying pressure fuels further price momentum, suggesting continued bullish bias in the cryptocurrency market and may attract new institutional inflows.
Open interest climbed 7.59% to $156 billion even as positions were closed out, a sign traders are chasing the move rather than stepping back.