Bitcoin has climbed above $85,000 after a sharp move that triggered $648 million in liquidations of crypto short positions, according to Decrypt. The initial advance was driven by a short squeeze, but subsequent buying in the spot market has helped maintain the move. Market data cited in the report also shows one measure of selling pressure approaching a record low, indicating that immediate selling activity remains subdued. The combination of forced short-position closures and continued spot demand has supported Bitcoin’s latest advance. The report does not indicate that the move was limited to liquidation-driven activity, with spot buyers playing a role in sustaining the higher level. Bitcoin remains the primary asset in focus as traders assess whether reduced selling pressure can continue to support the market.
