Bitcoin rose above $82,000 on Thursday, reaching its highest level since May 11. Over the past 24 hours, approximately $510 million in short positions were liquidated, further fueling buying pressure. Ethereum, XRP, and BNB also rose in tandem, signaling a noticeable improvement in market sentiment.
Cryptocurrency assets rise in tandem
Bitcoin rose 4.0% to $81,209.47. Ethereum increased 4.2% to $2,518.82. XRP gained 5.7% to $1.45, and BNB rose 4.3% to $727.73.
Short liquidation amplifies the upward momentum
Data shows that approximately $510 million in short positions were liquidated within 24 hours. As the price rose, some short sellers were forced to cover their positions, further driving up the market.
Macro sentiment is also improving.
U.S. stocks rose in tandem, with the Nasdaq, S&P 500, and Dow Jones all gaining. Gold and silver also advanced in sync. The market broadly anticipates easing upward pressure on interest rates, providing support to risk assets. The article also noted that the U.S. Treasury plans to increase repurchases of long-term bonds, combined with continued institutional buying of Bitcoin, adding further momentum to the rally.