Bitcoin Smashes Shorts, Eyes $80,000 as Bearish Bets Crumble

Bitcoin is on the cusp of reaching $80,000 and has already destroyed over $4 billion in short bets.

The cryptocurrency surged to a three-month high after a three-day rally that saw it gain more than 10% in just 24 hours.

The rally began on Wednesday when the US Treasury announced plans to double liquidity-support buybacks for long-term government debt, sending yields lower and boosting risk appetite.

Institutional demand also strengthened as spot Bitcoin exchange-traded funds attracted over $1 billion since Wednesday.

A market indicator that remained bearish during Bitcoin's previous recovery has now turned bullish, confirming the current price surge.