Short squeeze pushes bitcoin toward $85,000 as $647.9 million shorts liquidated

Bitcoin traded at $84,984 in the late European morning on Monday, up 5.4% over 24 hours. The price moved above the top of its September range and remained above the $82,284 high recorded on Sept. 4. The move was driven more by forced buying than by fresh conviction. Coinglass data showed that $746 million in positions were liquidated over 24 hours, including $647.9 million in short positions. Another $159.9 million was liquidated in the preceding hour, with short positions accounting for 95% of that amount. Bitcoin shorts accounted for $277.5 million of the 24-hour total, while ether shorts accounted for $122.8 million. Open interest across the market rose 7.59% to $156 billion despite the forced closures. Twenty-four-hour volume increased 39% to $224 billion. The combination suggested that traders were replacing the positions being liquidated rather than stepping back.