Bitcoin’s $80,000 Return Faces an $82,300 Confirmation Test

Bitcoin broke above $80,000 for the first time since September 7, while more than $183 million in short positions were liquidated within a single hour. Total liquidations during that hour reached $192 million.

More than 100,000 traders were liquidated over the broader daily timeframe, but forced deleveraging on that scale does not by itself settle whether Bitcoin’s recent consolidation has ended.Bitcoin (BTC)24h7d30d1yAll timeWhy Bitcoin Broke Higher Despite Recent ShocksThe move followed a volatile week for Bitcoin.

The cryptocurrency fell to $75,000 on Tuesday evening following the setback to the CLARITY Act in the US Senate. A day later, the Federal Reserve raised its target range by 25 basis points to 3.75%-4.00%, its first increase since July 2023.

Bitcoin rebounded almost immediately after the Fed shock and moved above $76,000.Bitcoin then fluctuated in the following days before the Bank of Japan raised rates to a 31-year high.