Dogecoin Leads Crypto Rally as Short Squeeze Lifts Bitcoin Past $85,600

Dogecoin rose over 15% to nearly 10 cents in Asia on Tuesday morning, outperforming other major tokens. The cryptocurrency's surge was part of a broader market rally that saw Bitcoin climb above $85,600.

The move came as short sellers were forced to abandon their positions, contributing to the price increase. According to CoinGlass data, over $1 billion in crypto positions were liquidated over the past day, with 82% of those coming from shorts.

Bitcoin made up roughly $608 million of the total liquidations, while ether accounted for $181 million. The single largest liquidation was a bitcoin position worth nearly $21 million on Hyperliquid.

The forced buying has largely played out, with liquidations over the past hour totaling under $11 million compared to more than $300 million an hour at the height of Monday's move.