Over the past 24 hours, the cryptocurrency market experienced over $320 million in liquidations, as Bitcoin broke above the $81,000 level for the first time in months, causing significant losses for short traders in the derivatives market. Data from CoinGlass shows that short positions accounted for the highest share of liquidations today, highlighting the size of short positions ahead of Bitcoin’s return to this key resistance level.
Within 24 hours, the total liquidation amount was approximately $320.57 million, with short liquidations nearing $242.41 million and long liquidations totaling approximately $78.16 million.
Bitcoin had the largest liquidation amount, at approximately $98.83 million. Zcash ranked second with liquidations of about $48.58 million, followed by Ethereum at approximately $37.40 million. Other affected assets included Toncoin ($11.75 million), XYZ ($9.45 million), and LAB (approximately $7.83 million).
Bitcoin's rise triggers short liquidations
Following market trends, after months of failed attempts to recover, Bitcoin has finally returned above the $80,000 range. Bitcoin last broke above this level in late January, when the price range served as a key support area.
CoinGlass data shows that after the price of Bitcoin broke through $80,000, short sellers suffered significant losses. Within 24 hours, approximately $201 million in Bitcoin short positions were liquidated, while long positions liquidated during the same period amounted to around $57 million.
The largest liquidation order reported occurred on the Hyperliquid platform, involving a BTC-USD position worth approximately $13.02 million.
Meanwhile, Bitcoin is trading at $81,356, according to CoinMarketCap data, up 0.64% over the past 24 hours, despite minimal intraday movement.
Bitcoin is retesting the support zone since January.
Bitcoin has returned above $80,000, bringing the market back to its key price range earlier this year. The last time Bitcoin traded in the $80,000 to $83,000 range was in late January, when the zone initially acted as support but was later dominated by bearish momentum, triggering a market correction over the following weeks.
Current market activity has shifted focus to whether the latest breakout attempt can be sustained, or if price movement will again follow a similar pattern.
The overall bull channel remains intact, with the upper boundary near $85,000. Analysts are closely monitoring resistance levels at $81,500 and $81,750; if Bitcoin can sustain closes above these levels, it may test the $82,500–$83,200 range and potentially rise further to $84,500.
However, if the upward momentum fails to sustain above the current resistance zone, it could expose support levels near $80,500, $80,150, and subsequently $78,350, aligning with the 50% Fibonacci retracement level.
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