Bitcoin surged to an eight-month high near $87,000, driven by a massive short squeeze that triggered over $1 billion in liquidations across crypto derivatives markets. The rally, which accelerated from around $75,000 last week, pushed Bitcoin’s market cap toward $1.8 trillion. Data shows roughly $1 billion worth of positions were liquidated, with $900 million being shorts. More than 139,000 traders saw forced closures, and the single largest liquidation occurred on Hyperliquid at $20 million. The event is described as a short squeeze or liquidation cascade. Attention now shifts to $88,000 and $90,000 as key resistance levels, while $80,000–$82,000 becomes important support.
Bitcoin has surged to an eight-month high as a massive short squeeze accelerates the rally. The cryptocurrency reached an intraday high at exactly $87,000, with its total market cap climbing toward $1.8 trillion.
The move extends Bitcoin’s impressive recovery from approximately $75,000 last week. It has pushed the price to its highest since January.
The sharp move caught leveraged traders positioned for further downside. Data from CoinGlass shows that roughly $1 billion worth of positions were liquidated, of which $900 million were short.
More than 139,000 traders saw their positions force-closed. The single largest liquidation happened on Hyperliquid, carrying a face value of slightly over $20 million.
This massive imbalance suggests forced short closures provided additional momentum as BTC cleared several resistance levels in quick succession. This is called a short squeeze or a liquidation cascade.
Attention is now quickly shifting toward the $88,000 area and beyond toward $90K. Popular analyst Doctor Profit highlighted Bitcoin’s reclaim of its 50-week moving average, currently near $78,700, as a very important development.
The analyst identified $88K as the next potential target. Some other analysis places a major bearish block at around this level.
A sustained break above $88K could bring $90K and even $95K into focus. The region around $80K and $82K has now turned into an important support zone.
