Bitcoin Shorts Take $9 Million Hit as Price Breaks $80,500

A large short position in Bitcoin has been caught out as the price broke through $80,500. The trader, @Jason60704294, held a position of 1830.724 BTC at an entry price of $76,397.56, resulting in an unrealized loss of over $8 million. This is compounded by an accompanying short position in Ethereum (ETH) that has added another $1.8 million to the losses.

The current price of Bitcoin stands at $80,796.17, with some analysts warning of a potential retracement towards the EMA50 support level at $73,399.33 before any further upward momentum.