Bitcoin touched US$81,000: Was that a rally or a forced repricing?
Bitcoin just reminded the world why it remains the most volatile macro asset of this era. In less than a week, the coin climbed from below US$65,000 to above US$81,000, a gain of more than 25 per cent that marks its highest level since mid-May, and one report even frames the move as a 28 […] The post Bitcoin touched US$81,000: Was that a rally or a forced repricing? appeared first on e27 .
In a span of less than a week, Bitcoin's value surged from under $65,000 to over $81,000, marking the highest level since mid-May—a rise of more than 25 percent. This meteoric rise is attributed to forced buying rather than gradual accumulation, as traders squeezed out bearish positions and pushed the market into a settled yet confident state. Bitcoin's current price is $78,928.79, up a modest 0.22 percent over the past 24 hours.
The surge was primarily driven by traders betting against Bitcoin and liquidating their positions, with exchanges closing these bets at a loss. This feedback loop, not driven by organic demand alone, propelled Bitcoin to its strongest peak in months. As price broke the $80,000 mark, the market wiped out $260 million in Bitcoin shorts within four hours, and around $650 million in shorts across all crypto assets in a single day.
Bitcoin short liquidations over 24 hours amounted to about $282 million, accounting for roughly 62 percent of all crypto short wipes.
Bitcoin now trades at $78,928.79 with a market capitalization of $1.58 trillion, and its 24-hour trading volume fell by 16.45 percent. The circulating supply stands at 20.07 million coins, with treasury holdings accounting for 1.34 million Bitcoin. The fully diluted valuation totals $1.65 trillion, and the volume-to-market cap ratio of 2.94 percent indicates active but not panicked turnover.
Macro factors such as the U.S. Treasury's decision to double its long-term bond buybacks and the weakening dollar have contributed to the rally. Gold and Bitcoin also advanced as scarce assets with capped supplies. US spot Bitcoin ETFs attracted nearly $2 billion in inflows over five days, amplifying the impact of forced short covering.
Looking ahead, Bitcoin faces resistance between $80,000 and $82,000. A clean break above current resistance could result in another fast leg higher, while a failure to hold above $80,000 might cause the market to consolidate back toward the high $70,000s. The next US inflation report and the bond market's reaction are likely catalysts for either an extension or a mean reversion.
Written by urgent.news from e27's reporting — not their text. Machine-written — may contain errors; check the original before relying on it.
