Bitcoin Hits $85,000: Short Squeeze Liquidates $648M in Bearish Bets

Bitcoin (BTC) surged to an all-time high of $85,000, triggering a massive short squeeze that wiped out approximately $648 million in bearish positions. The rally was driven by aggressive buying pressure that forced short sellers to cover their bets, accelerating the upward momentum. This liquidation cascade marks one of the largest short squeezes in recent crypto history, underscoring the intense volatility and bullish sentiment currently dominating the Bitcoin market. Traders who bet against BTC faced significant losses as the price broke through key resistance levels, fueling further buying activity. The $85,000 milestone reflects growing institutional interest and renewed optimism surrounding Bitcoin's price trajectory.