Bitcoin Surges Past $84,000 as Forced Buying Wave Liquidates $648 Million of Bearish Bets
Bitcoin's price surged past $84,000 on Monday, driven by a forced buying wave that liquidated $648 million of bearish bets over the past 24 hours. The cryptocurrency extended its break above its September range, trading at $84,984 in the late European morning with a gain of 5.4% over 24 hours.
The move is being fueled by traders replacing closed positions rather than stepping back from the market. Open interest across the market has risen 7.59% to $156 billion, while 24-hour volume is up 39% at $224 billion.
Bullish flow in crypto futures markets is leaning nearly 53% in favor of bulls for the first time in weeks, with buyers driving more inflow consistent with bullish price action. Bitcoin's total futures open interest has topped 700K BTC for the first time in weeks, indicating increased demand for leverage.