Bitcoin Blasts Past $80K as Shorts Get Squeezed

Bitcoin's price surged past $80,000 on Friday after traders absorbed a failed U.S. Senate crypto vote and two central-bank rate hikes.

Roughly $192 million in leveraged crypto positions were liquidated in one hour, with more than $183 million coming from shorts that turned into forced purchases.

The speed of the move helped bitcoin punch through $80,000 for the first time since September 7, but it still faces a major test near the $81,700-$83,000 resistance zone.

Despite the CLARITY Act vote failure and two interest-rate hikes, including one from the Bank of Japan that had largely been expected, bitcoin's price remained relatively stable until it broke through $80,000.