Bitcoin Rips to $74K as $583M Short Liquidations Shake Crypto Market

Bitcoin ($BTC) has recently skyrocketed over the past twenty-four hours. In this respect, Bitcoin has jumped from $64 to above $74K. This staggering price upsurge marks an exclusive 1-month high for the leading crypto asset. The respective rally has paved the way for a broader short squeeze, liquidating nearly $583M in positions, whereas almost 80% of shorts got wiped out.

$BTC Price Jump above $74K Leads to $583M Liquidation in Short Positions

The latest market statistics point out that the new price spike of Bitcoin ($BTC) to $74,000 has started a stunning short squeeze. Hence, the liquidation of up to $583M in short $BTC positions denotes the 80% wipeout in this sphere. However, amid the continuous price rise, Bitcoin traders are now aiming at the psychological $80,000 level.

The development takes place amid the increased market volatility. In this respect, the $10,000 candle underscores a renewed confidence and momentum among the bullish $BTC traders. On the other hand, the bears still argue about the potential unsustainability of the rally.

Long-Term Bullish Momentum Stays Intact as Traders Target $80K

At the moment, the Bitcoin ($BTC) is changing hands at $70,638.05. This highlights a 2.97% dip over the past 24 hours following hitting the $74K mark. At the same time, the weekly performance of the flagship cryptocurrency shows a 4.06% increase. Nevertheless, the monthly trajectory presents a 7.6% drop.

Apart from that, Bitcoin’s market cap and 24-hour volume account for $1.4T and $49.48B, displaying 3.13% and 33.56% decreases. Nonetheless, the notable spike from the $64K spot has triggered a market-wide enthusiasm among retail and institutional investors.

Moreover, such a market optimism amid the geopolitical tensions, including the blockage at the Strait of Hormuz, shows Bitcoin’s resilience even amid uncertainty. Overall, this could push $BTC toward new ATHs in the near term while the market participants are now targeting the $80K mark.