Bitcoin Reclaims $72K, Analysts Eye $80K as Bull Market Trigger

On Apr. 7, Bitcoin, the leading cryptocurrency, briefly soared to $72,767, the highest level since March 18.

The leading cryptocurrency is now up by more than 5% this month after recording its first green month in five consecutive months of bleeding.

Total liquidation data

Over the past 24 hours, the cryptocurrency market experienced a massive volatility event that wiped out 120,386 traders. This has resulted in nearly $596 million in total liquidations.

The data reveals a brutal short squeeze, with bears bearing the absolute brunt of the market action.

Short liquidations accounted for $427.25 million of the daily total, completely eclipsing the $168.75 million in long liquidations.

Binance has captured nearly 30 percent of the total liquidation volume over the past several hours. Bitget and Gate follow, capturing about 19 percent and 15 percent of the volume, respectively. Hyperliquid stands out with a punishing 81.42 percent of its liquidations hitting short positions.

In the meantime, a whale has opened a massive “long” position on both Bitcoin and Ethereum.

The whale used 20x leverage, meaning that the trade is incredibly risky and shows extreme conviction.

If the market goes up 1%, the whale makes a 20% profit on their initial collateral.

All eyes on $80,000

However, despite the geopolitical detente, the bulls are not out of the woods just yet.

The bulls are now eyeing the pivotal $80,000 level for the cryptocurrency to finally reclaim bullish momentum after weeks of underperformance.

Analyst Fred Krueger is convinced that $BTC could reclaim the $80,000 level as soon as this week.

Andre Dragosch, Bitwise’s European head of research, believes that the market will likely switch from bear to bull market psychology with a sustainable break above $80,000.