Bitcoin rallied to $87,000, triggering over $1 billion in liquidations as traders forced to close short positions.
DeFi & Yields ·
Bitcoin surged to an intraday high of $87,000, its peak since January, as the rally triggered over $1 billion in liquidations across derivatives markets. The move pushed the cryptocurrency's market cap toward $1.8 trillion and forced more than 139,000 traders to close positions, with roughly $900 million of the liquidated amount coming from short positions. The largest single liquidation occurred on Hyperliquid with a face value exceeding $20 million.
The sharp price movement caught leveraged traders positioned for further downside, creating what analysts describe as a short squeeze or liquidation cascade. Bitcoin's recovery from approximately $75,000 the previous week has now reclaimed its 50-week moving average near $78,700, a level flagged as technically significant by market observers.
Attention has shifted to the $88,000 resistance level, with sustained momentum above that point potentially opening targets of $90,000 and $95,000. The $80,000 to $82,000 region has emerged as a support zone. Whether Bitcoin maintains its upward trajectory or encounters resistance at these levels remains to be determined.