Crypto
Bitcoin Surges Past $85K as Short Squeeze Wipes Out Weak Bets
Bitcoin's price has surged to $85,415.50, up 4.62% in the last 24 hours, after a sharp short squeeze wiped out weak bets against the price.
The move came as oil prices fell, easing inflation worries and making investors more willing to hold riskier assets like crypto.
A total of $648 million in bearish crypto bets were liquidated, with $535.27 million coming from short positions and only $76.72 million from longs.
According to Coin Gabbar, this kind of short squeeze is a sign that the market may be getting ahead of itself, as Extreme Greed readings and climbing open interest suggest.