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Bitcoin (BTC) reached a level of $85,326.10 on Sep. 21, marking an eight-month high for the leading cryptocurrency.
The price action followed a period of forced buying driven by a short squeeze, with the asset gaining 6% in the last 24 hours. According to CoinGecko, the last time Bitcoin traded at this level was in late January.
The rally coincided with significant liquidations in the derivatives market.
The onchain analytics platform CoinGlass reported that approximately $383 million in Bitcoin short positions were liquidated over the preceding 24 hours.
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