Bitcoin’s price is closing in on $87,000 following an explosive rally, which triggered over $1 billion in liquidations across the crypto derivatives market.
The cryptocurrency reached an intraday high at exactly $87,000 (at the time of this writing), with its total market cap climbing toward $1.8 trillion.
The move extends Bitcoin’s impressive recovery from approximately $75,000 last week and has pushed it to its highest price since January.
Shorts Get Crushed as BTC Rallies Higher
The sharp move caught leveraged traders positioned for further downside.
Data from CoinGlass shows that roughly $1 billion worth of positions were liquidated, of which $900 million were short. More than 139,000 traders saw their positions force-closed, with the single largest liquidation happening on Hyperliquid, which carried a face value of slightly over $20 million.
This massive imbalance suggests that forced short closures provided additional momentum as BTC cleared several resistance levels in quick succession – an avalanche-like event, if you will.
This is called a short squeeze or a liquidation cascade.
What Happens Next for Bitcoin?
Attention is now quickly shifting toward the $88,000 area and beyond toward $90K.
As CryptoPotato recently reported, the popular analyst Doctor Profit highlighted Bitcoin’s reclaim of its 50-week moving average, currently near $78,700, as a very important development from a technical price point. The analyst identified $88K as the next potential target.
Some other analysis places a major bearish block at around this level. Therefore, a sustained break above $88K could bring $90K and even $95K into focus, while the region around $80K and $82K has now turned into an important support zone.
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