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This Friday, the price of Bitcoin (BTC) climbed above $78,000, reaching a new 10-week high. The move was driven by easing geopolitical tensions between the United States and Iran, which boosted sentiment across financial markets. The rally also triggered a rapid liquidation of short positions, wiping out more than $660 million in Bitcoin futures contracts within 24 hours.
The immediate optimism following the geopolitical shift translated into aggressive buying, forcing short sellers out of positions. As a result, the liquidation activity accelerated, reflecting a sharp change in positioning and risk appetite in the derivatives market.
Beyond the price jump, analysts highlighted a potential structural shift. On the weekly chart, the MACD indicator issued a historic buy signal after reaching its lowest point of all time. Analysts also noted that previous bullish crosses of similar magnitude have been followed by median returns of up to 195% within a year.
Liquidity absorption between $77,500 and $78,000 suggests that buyers are maintaining control in the near-term range. Open interest increased by 13%, indicating growing participation as the market absorbed liquidity around that support band.
With macroeconomic fundamentals described as stable and technical momentum strengthening, Bitcoin is entering a “price discovery zone.” The market is already projecting targets toward $90,000, contingent on a solid weekly close. The next key requirement is consolidating support to reduce the risk of a correction from profit-taking before any attempt to push toward new all-time highs.
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