Bitcoin Breaks Out Above $77K as Shorts Get Trapped

Bitcoin's price has broken sharply higher, surging 6.2% to $77,393 and ripping out of a multi-week consolidation range.

The move was accompanied by a major liquidation wave, with more than $865 million in $BTC positions wiped out, heavily skewed toward shorts.

The derivatives market provides one of the clearest explanations for the speed of Bitcoin's price rally. According to the liquidation data from Coinglass, $742.28 million in short positions were liquidated, representing roughly 86% of total liquidations.

With momentum now approaching the $80,000 mark, the focus shifts to whether Bitcoin can convert this breakout into a sustained trend move.