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Bitcoin rallied above $78,000 to record another 10-week high on Friday as crypto and equity markets reacted to cooling tensions in the US and Israel war in Iran. The move above recent range highs triggered a large liquidation of leveraged Bitcoin positions.
More than $660 million in short positions were liquidated, with Bitcoin accounting for $353 million of that total. Ether followed with $160 million in short liquidations.
Across the futures market, $826 million was wiped out over the last 24 hours.
The largest single liquidation occurred on Hyperliquid, where a $15.75 million BTC-USDT short position was closed.
Large clusters of short liquidations can amplify the reach of asset rallies. CoinGlass data showed a 13% rise in Bitcoin’s aggregate futures open interest (OI) over the last 24 hours.
While futures longs and shorts are always matched, rising OI indicates greater leverage and market participation. In this case, the positioning appears to be skewed toward bulls.
Hyblock data showed ask liquidity between $77,500 and $78,000 being absorbed as BTC pushed to its intraday highs on Friday.
Bitcoin’s moving average convergence divergence (MACD) indicator has signaled a buy on its weekly chart, a pattern that has historically preceded sharp price rallies.
The indicator reached its lowest level in history and formed a bullish cross on the weekly chart. Analyst Sykodelic said: “Not only do we have a 1W MACD bullish cross and break of trend, we have it from the lowest point the MACD has ever dropped to,” adding: “We are at a very important level here, and the weekly close will be very important.”
According to prior instances cited in the article, Bitcoin tends to rise sharply when the MACD line crosses above the signal line. The last time this occurred was at the bottom of the 2022 bear market, which preceded a 376% increase in BTC price.
Other analysts referenced in the article said the altcoin could continue its recovery and retest higher resistance levels, with BTC price targets set at $90,000 and above.
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