The bears have misjudged the market once again. Bitcoin, with its current price of $80,819.40, briefly reached $80,594 early on Monday, marking its highest point since January 31, before retreating to trade around $79,851. This move triggered a total of $370 million in crypto liquidations over the past 24 hours, impacting 97,235 traders, as per CoinGlass data.
Of this total, $301.93 million resulted from short positions. Shorts were liquidated roughly four times as much as longs, indicating dominant bearish positioning prior to the move, which forced them to unwind their positions at a loss.
Bitcoin accounted for $179 million of the losses, while ether traders contributed $95 million. The largest single liquidation was an $11.77 million ETH/USDT short on Binance.
This is the second such occurrence 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 starting to appear structural, with funding rates on bitcoin perpetuals remaining negative for most of April, meaning shorts have been paying longs to maintain their short positions. Each time the price increases, the same trade unwinds violently. Other major cryptocurrencies also experienced gains, with ether rising 2.3% to $2,368, XRP gaining 2.1% to $1.42, BNB adding 1.9% to $630, and Solana rising 1.4% to $85.14.
Dogecoin remains a standout performer, up 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 pulling in $1.97 billion, the highest monthly total since October 2025.
FxPro analysts noted that bitcoin needs to consolidate above $85,000 to confirm the breakout, citing the convergence of the rising price and the downward-sloping 200-day moving average with an important long-term trend line at $83,600.