Bitcoin surged above $85,000 on Monday, reaching its highest level in about eight months as a sharp rally triggered more than $260 million in short liquidations within an hour.
CoinGlass data showed $262.3 million in short positions were liquidated in one hour, while total crypto market liquidations reached about $271.8 million during the period. Earlier in the day, the cryptocurrency rose as high as $85,229, its highest level since late January.
The cryptocurrency has gained more than 7 percent over the past five days and nearly 35 percent over the past three months.
The rally comes as investors assess whether the prolonged downturn in crypto prices has ended. Bitcoin remains well below its record high of more than $126,000 reached in October 2025.
Matt Hougan, chief investment officer at Bitwise, told CNBC that he believes the crypto winter is over and described the current period as “crypto spring.”
Bitcoin’s latest move also followed its first weekly close above its 50-week moving average in 45 weeks, according to CoinGlass data.
The post Bitcoin Jumps Above $85,000 in Sharp Rally appeared first on ProPakistani.
