Bitcoin surged above $85,000 on Monday, reaching its highest level since January as a sharp short squeeze accelerated the broader crypto-market recovery.
BTC gained more than 5% in 24 hours, recovering strongly from levels near $75,000 earlier in the previous week. The move through the $85,000 area forced a large number of bearish positions out of the market and added momentum to the advance.
CoinGlass figures cited by The Block showed that crypto liquidations exceeded $750 million over the previous 24 hours, with $648.3 million of that total coming from short positions. Bitcoin positions represented around $360.7 million of the liquidations, while the largest individual liquidation was an $11.3 million BTCUSDT position on Binance.
The rally also spread across major altcoins. Ethereum traded around $2,717 after gaining 5.6%, XRP rose 7.8% to around $1.49, and Solana gained 7.2% to roughly $115.75 at the time of The Block’s report.
The move came alongside improving global risk sentiment, with technology stocks leading gains in Asia and European equities opening higher. Lower crude prices also helped support risk appetite, while traders continued to weigh the prospect of further U.S. monetary tightening.
For crypto traders, the immediate focus is now on whether Bitcoin can hold above the $85,000 zone after the short squeeze or whether profit-taking will limit the recovery.
