Bitcoin Hits $85,000 for First Time Since January as Shorts Get Liquidated

The story here is positioning, not the price level itself. A short-heavy liquidation cascade of this size signals that bearish conviction had built up and was forced out in a single move, which often flatters an otherwise ordinary rally. Whether the market can hold these levels once forced buying fades is the open question, and the liquidation tally is the clearest gauge of how much of the move was mechanical.