Bitcoin Surges Past $80,000, Liquidates $250 Million in Short Positions
Bitcoin's price surged to $81,034 on Friday, marking a significant gain of 6% and liquidating around $250 million in crypto short positions over four hours.
The rally was driven by a broader shift into risk-on assets as traders reacted to rising energy prices. US WTI crude oil fell to $94.8 per barrel before recovering, while the International Energy Agency warned that countries may need to cut oil usage due to supply concerns.
As oil uncertainty grew, US 30-year bond yields climbed to 5.34%, up 90 basis points on the day. The spike in Bitcoin's price triggered a wave of short liquidations, with $250 million in cross-crypto short positions wiped out over four hours.
Analyst Nic Puckrin noted that once Bitcoin broke past the resistance level around $78,000, shorts got liquidated, pushing it toward $80,000. The real test now lies in the $80,000, $82,000 range, where resistance is much stronger, he added.