Bitcoin is closing in on $80,000 and already destroyed a record $4 billion in short bets
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Bitcoin surged toward $80,000 on Friday, extending a three-day rally that has liquidated more than $4 billion in bearish bets and pushed the cryptocurrency to a three-month high.
Key facts
Data from CryptoSlate shows Bitcoin climbed as high as $78,449, gaining more than 10% over the past 24 hours before easing to $77,873 as of press time
According to him, ETF inflows and broader spot demand also supported the advance, helping Bitcoin reclaim its 20-week and 200-day moving averages and move above the estimated short-term holder cost
Bitcoin surged toward $80,000 on Friday, extending a three-day rally that has liquidated more than $4 billion in bearish bets and pushed the cryptocurrency to a three-month high
Bitcoin is +7.77% over the past 24 hours and currently sits at rank # 1 by market cap
Summary
01 Bitcoin surged to $78,449 during a three-day rally, liquidating more than $4 billion in bearish positions since Wednesday. 02 Spot Bitcoin ETFs attracted more than $1 billion, while CryptoQuant’s Bull Score Index returned to bullish territory at 60. 03 With short covering fading, crowded long positions and positive funding leave continued gains increasingly dependent on sustained spot demand. Data from CryptoSlate shows Bitcoin climbed as high as $78,449, gaining more than 10% over the past 24 hours before easing to $77,873 as of press time.