Bitcoin Squeezes Shorts to $85K

Bitcoin's price surge has reached a critical juncture, nearing $85,000 after a rapid 5.4% increase in the last 24 hours.

According to CoinDesk's report dated September 21, Bitcoin rose above the $82,284 level seen on September 4, reaching $84,984.

The acceleration of this movement was largely driven by forced purchases as investors expecting a price drop were forced to close their positions, rather than new buying appetite.

The liquidation of short positions has been significant, with approximately $648 million in shorts wiped out across the crypto market. This figure includes around $278 million in Bitcoin shorts and $123 million in Ethereum shorts.