Bitcoin climbed to $85,299 as $450 million in short liquidations triggered a broad market rally, supported by declining crude oil prices and positive regulatory developments.
Bitcoin surged 6% to a 9-month high of $85,299 after $300M in short liquidations and a close above the 50-week moving average.
Ethereum saw $72 million in short liquidations and extended gains alongside the broader crypto market recovery.
Crude oil prices dropped almost 3% to $97, extending declines for a fourth day, which supported crypto inflows.
Solana was among the top altcoins extending gains as the crypto market rebounded on short covering.
Hyperliquid saw short liquidations and price gains as part of the market-wide recovery.
XRP rose with other altcoins as $450M in shorts were liquidated across the market.
Dogecoin gained as part of the broader crypto recovery driven by short liquidations.
SUI was mentioned among assets with liquidations, contributing to the bullish crypto market move.
MARA Holdings acquired Bitcoin for the first time in months, signaling renewed miner activity and bullish exposure to BTC.
Zcash extended gains in the crypto market recovery, benefiting from the bullish sentiment.
The cryptocurrency market staged a sharp recovery on Monday, with Bitcoin surging 6% to reach a nine-month high of $85,299. The rally was fueled by a massive wave of short liquidations totaling $450 million across major assets, including Ethereum, Solana, and XRP, as investors reacted to cooling oil prices and renewed miner activity from firms like MARA Holdings.
The rally was primarily driven by a massive short squeeze, with $450 million in short positions liquidated in four hours, forcing traders to cover their positions and pushing prices higher.
Analysts view the 50-week moving average as a critical technical indicator; closing above it is historically interpreted as a confirmation that a bear market bottom has been established.