Add as a preferred source on GoogleBitcoin Climbs Above $84,000 as Leverage Drives Market Liquidations
Bitcoin briefly reached as high as roughly $85,248 after gaining about 5.7% in 24 hours.
Bitcoin (BTC) climbed above $84,000 as a sharp rally forced nearly $83 million in short positions to close, adding to renewed volatility in leveraged crypto trading.
Bitcoin briefly reached an intraday high between approximately $85,111 and $85,248. The asset gained about 5.7% over 24 hours as the move pushed through the $84,000 level.
Short positions profit when prices fall. When leveraged trades lose enough collateral, exchanges can automatically close them by buying Bitcoin, potentially adding upward pressure during a rally.
The move followed a larger liquidation event on Sept. 21, when a breakout above $84,000 produced roughly $262 million in short liquidations within one hour. The latest episode was smaller but still underscored the speed at which leverage can amplify market swings.
Enna Lee
ReporterEnna Lee reports on investing and digital-asset markets for TokenPost. Send corrections or tips to info@tokenpost.com.