Bitcoin surged to 79,500 overnight, wiping out shorts by $700 million
This move directly broke through the long-term resistance at 65,000, jumping to a multi-month high of $79,491, then pulled back and consolidated around 77,000. It was up 6.4% in a day. Market cap has returned to $1.55 trillion. The total market cap of the entire crypto market is $2.63 trillion.
The shorts are in trouble. Coinglass data shows that in the past 24 hours, $709 million in short positions were liquidated. Total shorts liquidated across the market: $1.13 billion. Meanwhile, longs liquidated only $139 million. The gap is huge.
This wave narrowed Bitcoin’s year-to-date drawdown from nearly 30% down to 11.4%. The Fear & Greed Index jumped from 34 straight to 72—sentiment switched from fear to greed.
Most dramatically, Peter Schiff—who has spent years bashing Bitcoin—apparently reversed course. He said: gold at $4,600, silver near $70, and oil breaking above $87. If Bitcoin is now climbing to $79,000, it can only mean the Federal Reserve has lost credibility in suppressing inflation, and everyone is rushing to buy their own hedging assets.
Note: he personally admits that Bitcoin, just like gold, is being treated as a substitute for hedging against inflation. This is the first time this die-hard short has bowed.
My take: what I fear most isn’t a sudden surge—it’s after the big surge, when everyone starts shouting “it’s stable now.” That would be the real danger signal. At the 77,000 level, both longs and shorts are holding their breath.
Do you chase the move or not? Let’s chat in the comments.
Click the avatar to watch the live stream.
Every day, I’ll help you track Bitcoin hotspots—not just what’s happening in the news, but also help you understand the underlying logic and opportunities 👉🦖
#比特币 #加密市场
This move directly broke through the long-term resistance at 65,000, jumping to a multi-month high of $79,491, then pulled back and consolidated around 77,000. It was up 6.4% in a day. Market cap has returned to $1.55 trillion. The total market cap of the entire crypto market is $2.63 trillion.
The shorts are in trouble. Coinglass data shows that in the past 24 hours, $709 million in short positions were liquidated. Total shorts liquidated across the market: $1.13 billion. Meanwhile, longs liquidated only $139 million. The gap is huge.
This wave narrowed Bitcoin’s year-to-date drawdown from nearly 30% down to 11.4%. The Fear & Greed Index jumped from 34 straight to 72—sentiment switched from fear to greed.
Most dramatically, Peter Schiff—who has spent years bashing Bitcoin—apparently reversed course. He said: gold at $4,600, silver near $70, and oil breaking above $87. If Bitcoin is now climbing to $79,000, it can only mean the Federal Reserve has lost credibility in suppressing inflation, and everyone is rushing to buy their own hedging assets.
Note: he personally admits that Bitcoin, just like gold, is being treated as a substitute for hedging against inflation. This is the first time this die-hard short has bowed.
My take: what I fear most isn’t a sudden surge—it’s after the big surge, when everyone starts shouting “it’s stable now.” That would be the real danger signal. At the 77,000 level, both longs and shorts are holding their breath.
Do you chase the move or not? Let’s chat in the comments.
Click the avatar to watch the live stream.
Every day, I’ll help you track Bitcoin hotspots—not just what’s happening in the news, but also help you understand the underlying logic and opportunities 👉🦖
#比特币 #加密市场