Bitcoin peaked at approximately $80,270, triggering a sharp wave of liquidations across cryptocurrency markets. Short positions accounted for about $330 million of the $415 million liquidated during the rally, including nearly $86 million in Bitcoin shorts in a single hour. Over 24 hours, total liquidations exceeded $510 million, and more than 119,000 traders had their positions forcibly closed. The fading expectations of a Federal Reserve rate hike supported risk assets, with the probability of an increase falling to 50.4% according to CME FedWatch. If Bitcoin falls back below $80,000, leveraged long positions could face forced liquidations of their own.
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