Bitcoin surges past $85K as crypto market rebounds on short liquidations

Cryptocurrency markets rallied on Friday, with Bitcoin climbing approximately 2% to reclaim the $85,000 mark. Total crypto market capitalisation reached $3.042 trillion as a short squeeze accelerated gains across digital assets.

Ethereum, the second-largest cryptocurrency, held steady above $2,700 during the rally. The rebound came as Treasury yields eased, reducing headwinds for non-yielding crypto assets.

Market participants are now focused on upcoming US jobs data, which is expected to provide clarity on Treasury yields and dollar movements—key factors likely to influence cryptocurrency price direction in coming sessions.