The cryptocurrency market witnessed massive liquidations over the past 24 hours as Bitcoin (BTC) surged past the $78,000 mark, reaching a fresh 10-week high and triggering widespread losses for leveraged traders.

According to market data, more than $820 million worth of positions were liquidated, with the majority coming from traders who had bet against the rally. Short positions accounted for over $660 million, highlighting the intensity of the upward move.

Bitcoin alone contributed approximately $353 million in liquidations, while Ethereum (ETH) followed with around $160 million. The single largest liquidation was recorded on the Hyperliquid exchange, where a BTC-USDT short position worth $15.75 million was forcibly closed.

Analysts say such large-scale short liquidations often act as a catalyst for further price increases, as forced buybacks amplify bullish momentum.

Market indicators also pointed to growing investor participation, with Bitcoin’s futures open interest rising by 13%, signaling increased leverage and confidence among traders. Liquidity data showed strong demand as selling pressure between $77,500 and $78,000 was quickly absorbed during the rally.

On the technical front, Bitcoin’s Moving Average Convergence Divergence (MACD) indicator has flashed a bullish signal on the weekly chart. Historically, such crossovers have preceded significant price surges, including a major rally following the 2022 market bottom.

The latest upward momentum comes amid improving global market sentiment, supported by easing geopolitical tensions involving the United States, Israel, and Iran, alongside stability in traditional financial markets.

Looking ahead, market participants remain optimistic, with some analysts projecting Bitcoin could test the $90,000 levelif current momentum persists. However, experts caution that high leverage levels may continue to drive volatility in the short term.