Bitcoin Smashes $80K as $260M in Shorts Get Wiped Out: Here Are the Next Targets
Bitcoin’s price revival that began last Wednesday culminated, at least for now, a few hours ago when the asset soared past $80,000 for the first time since mid-May and tapped a multi-month peak above $81,000.
Analysts were quick to pick up the move and outline the next short-term targets of up to $88,000. BTC’s surge also led to an increase in liquidated short positions as the total value exceeded $260 million in the past 4 hours.
On a daily scale, the liquidations are up to $650 million, with the lion’s share coming from shorts again. Bitcoin is responsible for half of that amount, according to data from CoinGlass.
Thus, the primary cryptocurrency gained over $16,000 from its starting point of under $65,000 last Wednesday to just over $81,000 earlier today.
Some of the reasons behind this major resurgence include the US Treasury Department’s announcement from last week, the Crypto Summit in the White House, renewed ETF appetite, and Jim Cramer. Oh, wait, the last one might be a joke.
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