Cryptocurrency markets recorded more than $320 million in liquidations in the past 24 hours as Bitcoin rose above the $81,000 level for the first time in months, inflicting heavy losses on bearish traders across the derivatives market. According to data from CoinGlass, short positions accounted for the majority of liquidations during the session, showing the extent of bearish positions before Bitcoin regained a key resistance range.
The total liquidation amount in 24 hours reached approximately $320.57 million. Short positions contributed approximately $242.41 million, while long position liquidation amount was approximately $78.16 million.
Bitcoin accounted for the largest proportion of liquidations, amounting to approximately $98.83 million. Zcash followed with around $48.58 million in liquidations, followed by Ethereum with around $37.4 million. Other assets affected included Toncoin with $11.75 million, XYZ with $9.45 million, and LAB with approximately $7.83 million.
Bitcoin rally causes short-term liquidations
The market move comes as Bitcoin has rebounded above the $80,000 mark after months of failed recovery attempts. The last time Bitcoin traded above that level was in late January, with the same price range previously serving as a major support zone.
CoinGlass data showed that Bitcoin’s rise above $80,000 had a significant impact on short sellers. About $201 million of short Bitcoin positions were liquidated within 24 hours, while about $57 million of long positions were liquidated during the same period.
The largest single liquidation order reportedly occurred in HyperLiquid. $BTC– USD position worth approximately $13.02 million.
Meanwhile, Bitcoin was trading at $81,356 at the time of reporting, according to CoinMarketCap data. Despite moderate intraday volatility, the cryptocurrency registered a gain of 0.64% over the past 24 hours.
Bitcoin retests previous support zone from January
Bitcoin’s return to above $80,000 has returned the market to a key price range that served as a key level earlier this year. last time $BTC Trading in the $80,000 to $83,000 range in late January, it initially held as support, but continued bearish momentum triggered a broader market decline in the weeks that followed.
Current market activity has shifted attention to whether the latest breakout attempt can be sustained or whether price movements are likely to follow a similar pattern again.
The broader bullish channel remains intact for now, with the upper limit sitting around $85,000. Analysts are monitoring the resistance levels at $81,500 and $81,750. If the price continues to close above these zones, Bitcoin could test the $82,500 and $83,200 ranges, with further upside heading toward $84,500.
However, failure to maintain momentum above the current resistance area could result in exposure to support levels near $80,500, $80,150, and subsequently $78,350, which coincides with the 50% Fibonacci retracement.
Related: Is Bitcoin Laying the Foundation for the Next Big Move towards $88,000?
