Bitcoin Surges Past $85,000 Following Massive Short Liquidations

Bitcoin climbed above $85,000 as a wave of short liquidations fueled its strongest rally since January. Over the past 24 hours, approximately $750.5 million in leveraged positions were liquidated, with $648 million coming from short sellers. Bitcoin accounted for $360 million of these liquidations, while Ethereum saw $171 million. The market shift was driven by aggressive buying in derivatives markets, with net taker volume on Binance surging significantly. Analysts attribute the momentum to improved geopolitical sentiment and increased risk appetite.