Bitcoin’s Relative Strength Index has climbed above 80, reaching readings near 84 to 86, territory the asset hasn’t touched since November 2024. The move came on the back of a violent short squeeze that liquidated more than $3B in short positions within a single 24-hour window, forcing a cascade of buying that sent prices rocketing toward $80K.
What happened
Bitcoin broke out of a consolidation range between $62K and $71K that had held for weeks. Prices surged roughly 8% to 12% within just one to two days, reaching multi-month highs near $79.5K to $80K before settling into a range around $77K to $77.8K.
The catalyst was a textbook short squeeze. Over $700M in short positions were cleared in a matter of hours, and the total liquidation figure crossed $3B in a single session.
The Crypto Fear & Greed Index, which had been sitting at depressed levels around 34 not long ago, jumped into “Greed” territory with readings between 62 and 72.
