The Kobeissi Letter
5 hour ago
Bullish

Bitcoin jumps above $85,000 for the first time in 9 months

1 min

Bitcoin surpassed $85,000, reaching a nine-month high. More than $400 million in leveraged short positions were liquidated within four hours, indicating a short squeeze and accelerating the move. Source: The Kobeissi Letter.

Key facts

  • Price level: above $85,000.
  • Timeframe: first time in nine months.
  • Derivatives impact: over $400 million in short liquidations in four hours.

Implications

  • Short squeeze dynamics: forced buybacks amplified the price jump.
  • Volatility: elevated risk for leveraged positions as funding rates and spreads adjust.
  • Market tone: momentum favors risk-on behavior across crypto assets.