Bitcoin Tops $78K as $826M in Futures Liquidated
Bitcoin rose above $78,000 as $826 million was removed from crypto futures and more than $660 million in short positions, including $353M BTC and $160M ETH, were liquidated.
Bitcoin climbed above $78,000 on Friday as $826 million was removed from crypto futures and more than $660 million in short positions were liquidated, with $353 million tied to Bitcoin shorts and $160 million to Ether shorts.
Data from CoinGlass showed $826 million wiped from the futures market over the prior 24 hours. The single largest recorded closure was a $15.75 million BTC-USDT short on the Hyperliquid platform. CoinGlass also reported about a 13% rise in Bitcoin’s aggregate futures open interest over the same period.
Order-book data from Hyblock indicated that ask liquidity between $77,500 and $78,000 was absorbed as bitcoin reached its intra-day highs. Large clusters of short liquidations coincided with the rapid price advance.
Markets reacted to signs of easing geopolitical tensions involving the United States and Israel, a factor traders cited in pricing decisions during the session.
On the technical side, Bitcoin’s weekly moving average convergence divergence (MACD) formed a bullish cross after falling to its lowest level on record. Analyst Sykodelic wrote on X that the weekly close would be important at this level. Analyst Mikybull Crypto posted on X that ‘a big move usually follows whenever this weekly MACD bullish cross happens.’ The Chart Report posted that previous weekly MACD crossovers historically produced a 93% win rate with a median 12-month return of +195%.
Some traders identified higher resistance levels, with price targets of $90,000 and above appearing in market chatter. At the same time, the rise in futures open interest indicates greater leverage and participation among derivatives traders, a dynamic that can increase price volatility as positions are adjusted.
The reported figures reflect activity over the prior 24 hours and intra-day trading on Friday. All data points cited are from market-data providers and comments were posted by market participants on social platforms. This report is informational and does not constitute investment advice.
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