Bitcoin climbed above $84,000, triggering the liquidation of nearly $83 million in short positions. Crossing this level forced exchanges to buy back the asset to close bearish bets, which added buying pressure that fueled the rally. This price level had already been tested in September with roughly $262 million in short liquidations within a single hour, compared to $83 million this time. The smaller squeeze suggests fewer bears were positioned at this level or that they were using less leverage. Bitcoin’s ability to hold above $84,000 now depends more on spot demand and ETF inflows than on liquidation mechanics.
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