Bitcoin hits $87,381 as over $1 billion in positions liquidated

Bitcoin reached an eight-month high of $87,381 on Monday before retreating to approximately $85,500 during Asian trading hours. The volatility triggered over $1 billion in liquidations within 24 hours, with short sellers accounting for $844.10 million of the total. According to CoinGlass, 135,110 traders were liquidated, including a single $20.86 million BTC-USD contract on Hyperliquid. The surge was driven by a short squeeze, where forced buybacks of short positions further accelerated the price increase.