Bitcoin clears $86,000 as $1 B in shorts liquidated, eyes $90k

Bitcoin surged past $86,000, erasing a large concentration of short exposure and setting its highest price since January. The rally peaked at $87,363 before easing to $85,824 at press time.

Shorts liquidated and leverage shift

Data from CoinGlass show that more than $1 billion in short positions were liquidated as Bitcoin broke the $86,000 barrier. Alphractal estimates that the remaining unliquidated positions now consist of roughly 71 % longs and 29 % shorts, one of the widest long‑short gaps since the October 2025 peak.

On‑chain and derivatives activity

Glassnode reported that Bitcoin reclaimed all major long‑term moving averages after spending about 300 days below them, and it is now trading above its True Market Mean and short‑term holder cost basis. Bitview recorded over 1 million BTC (about $92 billion) moved in the past week, the highest weekly volume in four years.

Santiment noted a 7.6 % rise in total crypto open interest to roughly $156 billion, while trading volume jumped 39 %. Perpetual‑futures funding remains below neutral, and put‑call ratios are rising as long leverage returns.

Options market focus on $90k

Deribit data show about $2.7 billion of open interest at the $90,000 strike, another $2.7 billion at $95,000, and $2.3 billion at $100,000—totaling roughly $7.7 billion across these levels. A move of less than 5 % from the current price would place Bitcoin at $90,000, making that strike the immediate reference point for traders.

Outlook

With the short‑heavy zone around $86,000 cleared, further advances will depend on fresh buying pressure and the durability of newly rebuilt long exposure. Sentiment indicators, including the Fear & Greed Index, are approaching extreme greed, reflecting heightened bullish optimism.