Bitcoin experienced a sharp price increase, surging 6.2% to $77,393 and breaking out of a multi-week consolidation range that had previously kept the asset trading between $65,000 and $68,000. During the move, BTC reached an intraday high of $79,461 before easing slightly, bringing the market close to the psychological $80,000 threshold.
The rapid price expansion was accompanied by a major liquidation wave totaling more than $865 million across the derivatives market. According to Coinglass data, short positions accounted for $742.28 million of the liquidations, representing roughly 86% of the total and driving a substantial forced-buying component behind the breakout. Total 12-hour liquidation figures reached approximately $655.90 million, with $547.58 million of that total coming from short positions. Liquidation activity ran at 2.15 times the seven-day average, with the largest single liquidation recorded at approximately $23.60 million.
Technical indicators and market-regime signals have shown concurrent improvements. The Bitcoin Bull Score moved back above the 60 threshold into bullish territory for the first time since October 2025, driven by six out of ten underlying positive signals, including demand growth, stablecoin liquidity, and trader realized price. Additionally, Bitcoin's MVRV ratio displayed a sharp upward movement, pointing away from depressed valuation conditions.
Following the breakout, traders are watching the $80,000 level as the first major test, with the primary supply zone sitting between $82,000 and $84,000. A sustained daily move past $84,000 could open the path toward overhead zones near $96,000 to $98,000. On the downside, analysts note that support levels range from a shallower retracement zone between $72,000 and $75,000 down to the former breakout region of $68,000 to $70,000.
