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Bitcoin broke above $80,000 for the first time since September 7, triggering the liquidation of more than $183 million in short positions within a single hour. Total liquidations during that period reached $192 million. While over 100,000 traders were liquidated across the broader daily timeframe, this forced deleveraging does not definitively signal that Bitcoin’s recent consolidation phase has ended.
Bitcoin (BTC) 24h 7d 30d 1y All time
Why Bitcoin Broke Higher Despite Recent Shocks
The price surge followed a volatile week for Bitcoin. The cryptocurrency dropped to $75,000 on Tuesday evening following a setback for the CLARITY Act in the US Senate. The following day, the Federal Reserve raised its target interest rate range by 25 basis points to 3.75%-4.00%, marking its first increase since July 2023. Bitcoin rebounded almost immediately after this Federal Reserve shock, moving above $76,000.
Bitcoin then fluctuated in the subsequent days before the Bank of Japan raised rates to a 31-year high. The decision was well received by the cryptocurrency market, with BTC rising to just over $78,000. It remained around that level for several hours before breaking above $80,000.
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(Source – Coinglass, Bitcoin Liquidations – 4H)
Data from CoinGlass showed that $192 million in over-leveraged positions were liquidated in the final hour of the move, with shorts accounting for more than $183 million. Bitcoin represented $119 million of those liquidations, while Ethereum accounted for another $36 million. Ethereum moved above $2,550 after a 2.3% hourly gain, while XRP rose above $1.35 following a 3% increase. SOL and BNB also posted gains.
The $80,000 Breakout and the $82,300 Test
The documented price sequence shows Bitcoin falling to $75,000 after the CLARITY Act setback, recovering above $76,000 after the Federal Reserve decision, moving above $78,000 following the Bank of Japan’s rate increase, and finally rising above $80,000. The $80,000 level had last been breached on September 7. The next step remains a technical question rather than a settled conclusion.
A move above $82,300 would therefore test whether the recovery can extend beyond the resistance that contained the August advance. A rejection at that level, by contrast, would be consistent with continued consolidation.
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