Key Takeaways
Bitcoin (BTC) broke above the $80,000 level for the first time in over three months, with the price hitting $80,228 in a 2.6 percent move. The surge triggered a cascade of short liquidations and coincided with a broader risk-on sentiment reportedly influenced by a US-Iran ceasefire.
"The liquidation of over $100 million in shorts provides strong upward momentum," said Ashley Ebersole, cofounder of tokenized asset firm tx. "However, the market appears to be in a waiting phase. Prices haven’t moved decisively higher, and probably won’t until investors feel more comfortable with economic and macro events."
The price jump liquidated approximately $104 million in short positions, according to data from analytics firm CoinGlass. The move was also supported by signs of growing institutional interest, as BlackRock’s European-listed iShares Bitcoin ETP (IB1T) surpassed $1.1 billion in assets under management, accumulating roughly 14,200 Bitcoin since its launch. Ether (ETH) also gained 3.5 percent to trade at $2,383, according to CoinDesk data.
The rally in the primary cryptocurrency reverberated in equity markets, particularly in Hong Kong, where crypto-linked stocks saw significant gains. BOYAA (00434.HK) jumped over 6 percent, while HASHKEY HLDGS (03887.HK) rose 5.7 percent. Other related stocks like YUNFENG FIN (00376.HK) and LIANLIAN (02598.HK) also posted gains of over 3.5 percent, signaling strong positive sentiment spillover. The next key resistance for Bitcoin is watched around the $82,000 level, while support is seen near $77,000.
This article is for informational purposes only and does not constitute investment advice.
