The Economic Times

Why is Bitcoin up today? BTC price surges above $85,000 in biggest move since January as $648 million shorts unwind, Ethereum and XRP rally

Bitcoin Price Today News: Bitcoin price is back above $85,000. It is Bitcoins strongest move since January, with traders returning to the market after weeks of pressure. The rally has a clear derivatives story behind it. About $648 million in crypto short positions were liquidated as BTC moved higher. Traders who had bet on a fall were forced to buy back their positions. Bitcoin also closed above its 50-week moving average for the first time in 45 weeks. That technical break has caught the attention of momentum traders. The move is spreading beyond Bitcoin. Ethereum and XRP are also rising, adding to signs of stronger sentiment across major cryptocurrencies.