Bitcoin Surges Towards $100,000 as Short Squeeze Intensifies

Bitcoin has broken through $85,000 and is heading towards its next target of $100,000. According to market data, Bitcoin is currently trading at around $85,250, up about 4.4 percent over the last day and 9% over the last seven days.

The daily candle extended a recovery that began in the $75,000, $76,000 range, briefly reaching about $86,600. From a technical standpoint, Bitcoin has overcome a significant challenge by surpassing its 200-day moving average, which had previously served as resistance between $80,000 and $81,000.

Derivative data shows that the breakout caused a significant short squeeze, with about $612 million in Bitcoin positions being liquidated in the last 24 hours. However, on-chain positioning is still slightly bearish, with short accounts outnumbering longs on Binance and OKX platforms.