- Bitcoin surged to $78,000 on Wednesday, triggering over $418 million in leveraged trading liquidations.
- Altcoins like PENGU, Cosmos (ATOM), Aptos, and Bitcoin Cash saw significant gains alongside Bitcoin’s rally.
- Market sentiment has flipped bullish, with investors on prediction market Myriad assigning a 75% chance Bitcoin will hit $84,000.
- A key technical resistance level at $83,000 remains a significant hurdle for Bitcoin’s continued upward momentum.
Bitcoin charged toward $80,000 this week, hitting $78,000 on Wednesday and fueling a broader crypto market rally. This surge wiped out leveraged traders and reignited bullish optimism across the industry. Consequently, almost $418 million in leveraged positions were liquidated, with shorts accounting for over $254 million of that total, as detailed by CoinGlass data.
Altcoins extended their gains alongside Bitcoin, with Pudgy Penguins meme coin PENGU leading the pack. Meanwhile, Cosmos (ATOM), Aptos, and Bitcoin Cash each posted gains exceeding 5%. Wenny Cai, founder of Anchored Finance, told Decrypt, “What we’re seeing right now is a mix of both early rotation and mechanically driven upside.”
Investor sentiment has flipped decisively bullish in recent weeks. Users on prediction market Myriad now assign a 75% chance Bitcoin will next push to $84,000. However, significant technical hurdles loom ahead. Orkun Kılıç, co-founder and CEO of Chainway Labs, emphasized the $83,000 level is critical as it represents the average cost basis for Bitcoin ETP investors.
Analysts warn the altcoin rally remains fragile, predicated more on Bitcoin’s stability than its strength. A rejection at key resistance could tighten liquidity and disproportionately impact higher-risk altcoins. Investors remain skeptical about a broad altcoin season, with Myriad users seeing just a 22% chance it begins before July.
✅ Follow BITNEWSBOT on Telegram, Facebook, LinkedIn, X.com, and Google News for instant updates.
