Bitcoin Blows Past $84K as Short Squeeze Ignites Crypto Rally

Bitcoin's price surged above $84,000 on Monday, marking its breakout from September's trading range. The rally is being driven partly by forced buying as bearish traders unwind leveraged positions.

Crypto liquidations reached a record $746 million over the past 24 hours, with shorts accounting for $647.9 million. Bitcoin short liquidations totaled $277.5 million, while ether shorts contributed another $122.8 million.

The increase in trading volume and open interest suggests traders are continuing to establish leveraged positions rather than reducing market exposure. Bullish momentum was widespread, with 95 of the 100 assets in the CoinDesk 100 trading higher.