- Over $800 million in crypto positions were liquidated in 24 hours as Bitcoin surged near $78,000.
- Short sellers suffered the vast majority of losses, accounting for approximately $653 million in liquidations.
- Analyst Ted Pillows identified a strong resistance band between $78,000 and $80,000 due to large sell orders.
The cryptocurrency market witnessed a violent shakeout on Thursday, with a staggering $816 million in leveraged bets wiped out across exchanges as Bitcoin charged toward $78,000. Short sellers bore the overwhelming brunt of this move, suffering $653 million in losses as prices climbed higher.
Bitcoin itself accounted for nearly $390 million of the liquidations, followed by Ethereum at $181 million. Consequently, traders betting against Solana and XRP also faced significant, though smaller, forced unwinds. Platform data revealed the highest volumes of liquidations occurred on Binance, Bybit, and Hyperliquid.
One analyst warned that Bitcoin’s rally could face immediate headwinds. In a social media post, Ted Pillows wrote that large sell orders are stacked in the $78,000 to $80,000 range. However, he noted that buy-side liquidity appears thinner until around $73,000, leaving a potential air pocket.
Market chatter suggested the short squeeze causing these liquidations could accelerate further. Meanwhile, retail sentiment around the apex cryptocurrency trended in notably bullish territory. “If BTC can push past that level, he expects the cryptocurrency to keep moving higher,” one user commented regarding a key $79,000 resistance band.
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