Bitcoin surges to $85,000 as $648M in shorts liquidated

Bitcoin reached an eight-month high above $85,000, driven by institutional demand and improved market sentiment following Federal Reserve rate hikes. The rally was initiated by a short squeeze that liquidated $648M in crypto shorts, while spot buyers sustained the upward momentum. Additionally, XRP saw $300 million in shorts liquidated as Bitcoin surpassed $84,000. Analysts highlight that selling pressure is currently near record lows, emphasizing the impact of macroeconomic factors on this rapid market shift.