Bitcoin Price Barrels Toward $81K as Shorts Lose $415M

Bitcoin Price Reclaims $81,000 as Geopolitical Tensions Ease, Dips Back After Intraday High

Bitcoin’s price trend rebounded Thursday, reclaiming $80,000 as hostilities paused between the United States and Iran. The sudden onset of conflict had previously sent crude oil prices surging and equities sliding as global markets braced for potential trade disruptions through the Strait of Hormuz.

Yet prior to Thursday morning’s surge, bitcoin oscillated between $77,000 and $77,500 through late Wednesday. However, by 10:35 p.m. that evening, the cryptocurrency appeared to establish support above $77,500, holding that threshold and twice attempting to break $78,000. Bullish momentum accelerated around 6:40 a.m. EST, pushing bitcoin toward $81,000 by 11:05 a.m. EST.

The surge pushed bitcoin’s market capitalization back above $1.62 trillion for the first time in September, echoing the August rally where the asset gained over $10,000 in four days. At 10:52 a.m. EST, bitcoin traded above $80,800, up nearly 5% over 24 hours.

In derivatives markets, the sudden price surge triggered over $164 million in short-position liquidations in four hours, compared to $7.3 million in long positions. Total bitcoin liquidations in four hours alone accounted for more than three-quarters of the $203 million liquidated over the prior 24 hours. Total crypto market liquidations reached $510 million, with wiped-out short positions exceeding $415 million.