Once again, crypto bears have been left reeling. Bitcoin, with a current value of $80,893.49, briefly reached $80,594 earlier this week, marking its highest point since January 31. This upward trend triggered a total of $370 million in crypto liquidations over the past 24 hours, affecting nearly 97,235 traders, as per data from CoinGlass.

Of this total, a staggering $301.93 million was attributed to short positions. Shorts were liquidated at a rate roughly four times that of longs, indicating the prevalence of bearish positioning prior to the move. As the rally gained momentum, bears were forced to unwind their positions at a loss. Bitcoin accounted for $179 million of the liquidations, while ether traders contributed $95 million.

The largest single liquidation was an $11.77 million ETH/USDT short on Binance. This marks the second such incident in two weeks, following a similar setup on April 18 that wiped out $593 million in shorts as bitcoin surpassed $77,000. The pattern is beginning to appear structural, with funding rates on bitcoin perpetuals remaining negative for most of April. This means that shorts have been paying longs to maintain their short positions, and each time the price increases, the same trade unwinds violently.

Other major cryptocurrencies also experienced gains, with ether climbing 2.3% to $2,368 and XRP gaining 2.1% to $1.42. BNB added 1.9% to $630, and Solana rose 1.4% to $85.14.

Dogecoin continued its upward trend, increasing by 3.5% on the day and 14.3% on the week to $0.1119. Net inflows into U.S. spot bitcoin ETFs reached $153.9 million last week, with April seeing a total of $1.97 billion, the highest monthly total since October 2025. Conversely, ether ETFs experienced $82.5 million in net outflows, ending a three-week streak of inflows.

Analysts at FxPro noted that bitcoin needs to consolidate above $85,000 to confirm the breakout. The rising price and downward-sloping 200-day moving average are converging with an important long-term trend line at $83,600.

Consolidation above this level could further encourage traders, but consolidation above $85,000 is preferred.