Bitcoin’s price is closing in on $87,000 following an explosive rally, which triggered over $1 billion in liquidations across the crypto derivatives market.
The cryptocurrency reached an intraday high at exactly $87,000 (at the time of this writing), with its total market cap climbing toward $1.8 trillion.
The move extends Bitcoin’s impressive recovery from approximately $75,000 last week and has pushed it to its highest price since January.
Shorts Get Crushed as $BTC Rallies Higher
The sharp move caught leveraged traders positioned for further downside.
Data from CoinGlass shows that roughly $1 billion worth of positions were liquidated, of which $900 million were short. More than 139,000 traders saw their positions force-closed, with the single largest liquidation happening on Hyperliquid, which carried a face value of slightly over $20 million.
This massive imbalance suggests that forced short closures provided additional momentum as $BTC cleared several resistance levels in quick succession – an avalanche-like event, if you will.
This is called a short squeeze or a liquidation cascade.
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What Happens Next for Bitcoin?
Attention is now quickly shifting toward the $88,000 area and beyond toward $90K.
As CryptoPotato recently reported, the popular analyst Doctor Profit highlighted Bitcoin’s reclaim of its 50-week moving average, currently near $78,700, as a very important development from a technical price point. The analyst identified $88K as the next potential target.
Some other analysis places a major bearish block at around this level. Therefore, a sustained break above $88K could bring $90K and even $95K into focus, while the region around $80K and $82K has now turned into an important support zone.
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