Bitcoin Price Breaks Above $77K as Shorts Get Trapped in Massive Liquidations

Bitcoin's price has surged to $77,393 after breaking through a multi-week consolidation range.

The cryptocurrency climbed from $65,000-$68,000 to an intraday high of $79,461, resulting in a significant increase in volatility.

A major liquidation wave occurred, with over $865 million in BTC positions wiped out, mostly short positions.

This forced buying has fueled the breakout, but the question remains whether demand will remain after the short covering subsides.