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Crypto Score 65 Bullish

Bitcoin Surges Past $78,000 as Short Squeeze Triggers $826 Million in Liquidations

Apr 17, 2026 18:27 UTC
BTC, ETH
Short term

A sharp rally in Bitcoin prices has wiped out nearly a billion dollars in leveraged positions. The move comes amid easing geopolitical tensions and strong bullish technical indicators.

  • BTC hit a 10-week high, breaking above $78,000
  • $826 million total wiped from futures market in 24 hours
  • Short liquidations totaled $660 million, led by BTC and ETH
  • Open interest rose 13%, indicating increased bullish leverage
  • Weekly MACD bullish cross suggests potential for further gains
  • Analysts projecting potential targets of $90,000+

Bitcoin (BTC) climbed above $78,000 on Friday, reaching a 10-week peak and triggering a massive wave of liquidations across the cryptocurrency futures market. The rally was fueled by a combination of cooling geopolitical tensions between the U.S., Israel, and Iran, alongside a surge in bullish market participation. This price action resulted in approximately $826 million in total liquidations over a 24-hour period. Short sellers bore the brunt of the volatility, with $660 million in short positions liquidated. Bitcoin accounted for $353 million of these losses, while Ether (ETH) saw $160 million wiped out. The largest single liquidation event occurred on the Hyperliquid platform, where a $15.75 million BTC-USDT short position was closed. Market data from CoinGlass indicates a 13% increase in Bitcoin's aggregate futures open interest, suggesting heightened leverage and increased market participation on the side of the bulls. Technical analysts are pointing to a bullish cross on the weekly Moving Average Convergence Divergence (MACD) indicator, a pattern that has historically preceded sharp price rallies. With ask liquidity between $77,500 and $78,000 absorbed during the rally, some analysts suggest the recovery could continue. Price targets are now being set at $90,000 and above as the asset tests higher resistance levels.

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