Home›Crypto›Bitcoin›Bitcoin rallies above $71,000 as $3 billion in shorts…

Bitcoin rallies above $71,000 as $3 billion in shorts get liquidated

The move followed a breakout from the $62,000 to $66,900 range and coincided with a Treasury plan to at least double long-dated bond buybacks to $4 billion.

Reported · Written up by our desk · Bitcoin

Bitcoin surged above $71,000 for the first time since June, after breaking out of a six-week trading band between $62,000 and $66,900, CoinDesk reported. Volatility had fallen to multiyear lows during the compression, setting up dense short liquidation levels in the $65,000 to $67,000 area.

According to CoinDesk, short liquidations totaled about $3 billion over 24 hours, versus roughly $263.5 million on the long side, with more than $1 billion cleared in a single hour. The liquidation wave was described as largely mechanical, driven by a build-up of bearish bets that were forced to buy back into thin supply.

CoinDesk also linked the timing of the rally to U.S. Treasury action, saying the Treasury planned to at least double long-dated buybacks to $4 billion, which pulled the 30-year yield back from 5.337%. That bid in risk assets helped clear the earlier price ceiling for bitcoin, sending it up more than 8% inside an hour after the ceiling gave way.

Hours later, CoinDesk said President Donald Trump urged Congress to pass the Clarity Act, floated the idea of sizable U.S. bitcoin purchases, and indicated regulators are exploring a compliant pathway for Hyperliquid. Ether was also up, trading around $2,285 after a 19% jump in 24 hours, and Coinbase’s Fear and Greed index rose to 59 from 41.

Latest closeBitcoin $72,210.00 ▲4.2%

More like this

Sources