Bitcoin has climbed above the $78,000 level, marking a sharp continuation of its multi-day advance and triggering fresh waves of short liquidations across the cryptocurrency market.
The move pushed the largest digital asset to an intraday high near $79,500 before settling in the mid-to-high $77,000 range later in the session, according to market data.
Over the past 24 hours, Bitcoin gained roughly 6–8%, contributing to a weekly advance exceeding 20% from levels near $64,000 earlier in the month.
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The rally has been heavily amplified by forced buying from liquidated short positions. Data from tracking platforms showed more than $1 billion in short liquidations in recent 24-hour periods, part of a multi-day total exceeding $4 billion in bearish bets wiped out since the breakout began.
One concentrated burst earlier in the session aligned with reports of approximately $140 million in shorts closed within a single hour as price accelerated through key resistance. Bitcoin accounted for the majority of these liquidations, with additional pressure hitting positions in Ethereum and other major assets.
This short-squeeze dynamic has created a self-reinforcing cycle: rising prices force leveraged bears to cover, which in turn drives further buying and higher prices.
The latest surge follows a similar pattern from the previous day, when Bitcoin broke out of a multi-week range and liquidated billions in shorts amid improving macro conditions, including expanded U.S.
Treasury bond buybacks that eased long-term yields and boosted risk appetite. Spot Bitcoin ETF inflows have also provided underlying support during the advance.
Market participants note that while liquidations can produce rapid moves, sustained progress will depend on continued demand beyond forced covering.
Michaël van de Poppe, the well-known crypto analyst and founder of MN Fund, recently highlighted a striking parallel on Bitcoin’s weekly chart. He noted that the current price action is essentially a copy-and-paste of the 2022 breakout pattern: a period of consolidation followed by a sweep of the lows and then a powerful green weekly candle.
Van de Poppe expects the rally to continue in the near term, with the next technical targets being a sweep of the prior high around $83,000 and a test of the 50-week moving average.
In his view, clearing $83,000 would help confirm that the recent bearish phase is over. At the same time, he does not expect Bitcoin to power through these levels in a single uninterrupted move.
He therefore suggests treating those zones as logical areas for taking some profits and waiting for the inevitable pullbacks that usually follow such advances.
Notably, Bitcoin remains well below its October 2025 all-time high near $126,000 but has reclaimed important technical levels and shifted sentiment decisively higher. Traders are now watching whether the asset can hold gains above $75,000–$78,000 and challenge the psychological $80,000 mark in the coming sessions.
Outlook
Bitcoin’s near-term outlook has turned increasingly bullish as the cryptocurrency establishes itself above the $75,000–$78,000 region and momentum continues to build. The immediate focus for traders is now the psychological $80,000 level, followed by the previous high around $83,000.
However, the strength of the current rally also increases the likelihood of short-term pullbacks. Much of the recent acceleration has been driven by forced short covering, meaning momentum could cool if liquidation-driven buying fades.