Bitcoin surged past $72,000 on Thursday, reaching a session high of $72,850. The move lifted the cryptocurrency’s market capitalization to approximately $1.45 trillion.
Price action
After encountering resistance near $72,000 early in the day, Bitcoin broke the level around 6:20 a.m. EST and climbed to $72,330. A brief dip below $72,000 lasted about five hours, but buying pressure returned around 11 a.m., pushing the price to $72,850. The 24‑hour gain was 5.6%.
Recent performance
Since August 17, when Bitcoin traded near $63,500, the price has risen roughly $9,000, a 14% increase over four days. The advance narrowed year‑to‑date losses to about 17.4%.
Short‑position liquidations
Leveraged short positions were hit hard. Data from Coinglass show that short bets worth about $650 million were liquidated, while long bets of $41 million were also closed. Across the broader cryptocurrency market, short liquidations totalled roughly $1.59 billion compared with $219 million in long liquidations.
Market catalysts
Pro‑crypto statements from a White House meeting and a Treasury policy announcement were cited as drivers of the rally. Treasury Secretary Scott Bessent’s comments on expanding bond‑buyback programs were interpreted as supportive of fixed‑supply assets, contributing to the bullish sentiment.
