The cryptocurrency market rebounded following a period of suppressed price action, with Bitcoin leading the movement by surging past $80,000 for the first time in a week. The sharp uptick triggered widespread liquidations across major digital assets.
Just 24 hours prior, Bitcoin struggled to maintain its $77,000 support level, dipping to a 10-day low of $76,200 amid escalating tensions in the Middle East. The asset subsequently rebounded, reclaiming the $77,000 and $78,000 thresholds before pushing past $80,000.
Major altcoins followed the upward trend with notable gains over hourly and daily timeframes:
- Ethereum (ETH): Rose to nearly $2,500, recording a 2.6% increase over a 60-minute span and a 4.4% pump over 24 hours.
- BNB: Climbed past the $720 mark.
- XRP: Emerge as a top performer, surging past the key $1.40 level with a 9% daily gain and a 4.3% increase in the final hour.
The sudden market volatility impacted overleveraged traders. According to data from CoinGlass, hourly liquidated positions climbed to $157 million, with short positions accounting for more than $142 million. On a 24-hour scale, total liquidations surpassed $400 million, driven largely by $315 million in liquidated shorts.
In total, nearly 110,000 traders were wiped out over the 24-hour period. The single-largest liquidation order took place on Binance, totaling over $5.2 million.
