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Bitcoin surpassed the $80,000 level, reaching its highest price since May 15th, following strengthening buying in the cryptocurrency market. Binance data shows the $BTC/USDT pair exceeding the $80,000 mark during the day, and after the rise, Bitcoin is currently trading around $79,670.
According to CoinMarketCap data, Bitcoin has gained approximately 3.2% in the last 24 hours and 24.47% in the last seven days. Bitcoin’s total market capitalization has reached $1.59 trillion, while its 24-hour trading volume was recorded at $46.85 billion.
One of the key developments supporting the market rally was expectations regarding the US Treasury bond market. A senior US Treasury official indicated that the Treasury could use approximately $1 trillion in funds in its Treasury General Account (TGA) to support the expansion of its recently announced bond repurchase program.
It is believed that if TGA retronger impact, particularly on long-term bond yields. A potential decline in long-term interest rates has strengthened expectations of easing financial conditions and supporting the valuations of risky assets, including Bitcoin
The strong upward trend that has been noticeable on the Bitcoin chart in the last few days accelerated again today. Starting from around $77,000, $BTC’s movement quickly extended to $80,000. Thus, Bitcoin retested the $80,000 level, which has been followed as an important psychological resistance in recent months.
The rise wasn’t limited to Bitcoin alone. Ethereum increased by 3.04% in the last 24 hours to $2,513, BNB rose by 2.49% to $713, and Solana increased by 1.84% to $97.20. $XRP is trading at $1.52, Dogecoin at $0.092, and Chainlink at $11.73.
Weekly performance shows even stronger movements. Ethereum has risen by approximately 31.78%, $XRP by 51.73%, Solana by 28.19%, Dogecoin by 31.13%, and Cardano by 28.81% in the last seven days. Hyperliquid’s HYPE token gained 34.92% on a weekly basis, while Zcash reached $851 with an increase of approximately 65.76%.
The rapid rise in Bitcoin has put investors, particularly those holding short positions in the futures market, in a difficult position. In the last hour alone, a total of $23.03 million worth of positions were liquidated in the cryptocurrency market, with $19.28 million being short positions and $3.75 million being long positions.
The total liquidation amount in the last four hours has risen to $185.26 million. During this period, $116.96 million worth of short positions and $68.30 million worth of long positions were closed. In the last 24 hours, the total liquidations in the cryptocurrency market reached $376.19 million. Of this, $218.86 million was accounted for by short positions and $157.33 million by long positions.
*This is not investment advice.
Source: cryptonews.net