Bitcoin (BTC) rallied above $78,000 to reach a new 10-week high on Friday as crypto and equity markets reacted to cooling tensions related to the US and Israel conflict in Iran. The breakout above range resistance triggered a wave of leveraged liquidations.
More than $660 million in short positions were liquidated, with Bitcoin accounting for roughly $353 million of that total. Ether (ETH) saw about $160 million in short liquidations. Across all futures, $826 million was wiped out over the past 24 hours.
The largest single liquidation occurred on Hyperliquid, where a $15.75 million BTC-USDT short was closed. Large clusters of short liquidations often amplify rallies, and CoinGlass data showed Bitcoin’s aggregate futures open interest rose about 13% over the same 24-hour period, indicating increased leverage and participation—tilting toward bulls in this move.
Order-book data from Hyblock showed ask liquidity between $77,500 and $78,000 being absorbed as BTC climbed to intra-day highs, consistent with concentrated short-covering activity.
Bitcoin MACD forecasts a “big move”
On the weekly chart, Bitcoin’s moving average convergence divergence (MACD) signaled a buy, forming a bullish cross from the lowest level the indicator has reached. Historically, such weekly MACD bullish crosses have preceded sharp rallies. Analyst Sykodelic noted the importance of the weekly close, highlighting the cross coming from an extreme low. Mikybull Crypto commented that a big move often follows this pattern, while The Chart Report pointed out past crossovers showed a high historical win rate and strong median 12-month returns.
Previous instances, including the 2022 bear-market bottom, preceded substantial gains. Several analysts now see further upside potential for Bitcoin, with some targeting $90,000 and higher as BTC continues its recovery and retests higher resistance levels.
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