Bitcoin rises to $85,000, with a free-float squeeze forcing out $648 million in short positions

Bitcoin breaks September high, 24-hour gain of more than 5%

Bitcoin ( BTC ) continued its breakthrough to the top of the September range on Monday, reporting US$84,984 at midday in Europe and a 24-hour gain of 5.4%, which is clearly far from the high of $82,284 recorded on 4 September. It should be noted that this round's gains were driven more by forced redemptions than new buying confidence.

liquidation , nearly $750 million settled

The data shows that in the last 24 hours, the total market liquidation amounted to 746 million dollars, of which the empty part reached 647.9 million dollars. In the past hour alone, the liquidation volume reached 159.9 billion dollars, out of which about 95% came from short position . Divided by currency, Bitcoin blank heads were liquidated for 2775 million dollars and Ethereum blanks for 122.8 million dollars (data source: Coinglass).

Non-equity contracts soared in line with trading volume , traders did not back down

The total number of outstanding contracts in the market rose by 7.59% to $156 billion, while there was a large-scale liquidation of short positions. The 24-hour turnover also increased by 39%, reaching $224 billion. This combination indicates that traders are replacing old positions with new ones which have been cleared and enthusiasm for market participation has not diminished due to sharp fluctuations but is rearranged at higher prices.

Characteristics of the case: Technical extrusion is evident

In summary, this breakthrough with a strong vacuum characteristics of the vacuum head stop loss and liquidation formed a chain reaction that pushed prices up rapidly. Whether the subsequent trend can be continued, it is also necessary to see whether the spot market will follow the underwriting, as well as the multi-void gamble reflected in changes in unpaid storage contracts.