Bitcoin Rally To $80,000 Triggers $370 Million Short Liquidations In 24 Hours

Bitcoin’s move to $80,000 triggered a wave of short liquidations that multiple crypto outlets quantified in the hundreds of millions, with CoinDesk describing the rally as catching “bears on the wrong side of the market again.”

“Bitcoin's move to $80,000 caught bears on the wrong side of the market again, leading to large short liquidations”

@coindesk

CoinDesk said Bitcoin “briefly tagged $80,594 early Monday” and then pulled back to trade around $79,851, while the move “triggered $370 million in total crypto liquidations over the past 24 hours.”

@coindesk

CoinDesk attributed $301.93 million of that total to short positions and said “The single-largest liquidation was an $11.77 million ETH/USDT short on Binance.”

Cryptonews.net similarly reported that “a powerful breakout above $80,000 has triggered a massive wave of short liquidations,” adding that “Total liquidations have reached $357.34 million over the past 24 hours” and that “a whopping 100,741 individual traders were liquidated.”

Bitcoin’s intraday high was also reported as $80,631 in Cryptonews.net, which said it was “reaching the highest level since Jan. 31.”

Bitcoin News framed the same breakout as a “massive short squeeze” and said Bitcoin “rose to $80,039, breaking a key resistance level for the first time in weeks.”

Across the accounts, the liquidation math and the $80,000 milestone were tightly linked: CoinDesk emphasized shorts being liquidated “roughly four times as much as longs,” while Cryptonews.net said shorts accounted for $305.04 million of $357.34 million in total liquidations.

The outlets tied the breakout to derivatives positioning and the mechanics of forced unwinds, with CoinDesk describing a pattern that it said was “starting to look structural.”

CoinDesk wrote that “Funding rates on bitcoin perpetuals have been pinned negative for most of April,” meaning “shorts have been paying longs to stay short,” and that “each time the price pushes higher, the same trade unwinds violently.”

Bitcoin News

It also said the squeeze was “the second of its kind in two weeks” and pointed to “A similar setup on April 18 wiped out $593 million in shorts as bitcoin pushed past $77,000 on the back of reports of an Iran ceasefire.”

Cryptonews.net echoed the offside nature of the move, saying the “sudden upside volatility resulted in massive wipeouts for over-leveraged traders,” and it quantified the imbalance by reporting that “Of the $357.34 million in total liquidations, a staggering $305.04 million were short positions.”

Bitcoin News added a longer-horizon framing by saying the breakout “ended several weeks of sideways movement” and that “institutional buying and a massive short squeeze of short positions combined” to push Bitcoin beyond resistance.

It also reported a specific derivatives imbalance: “With 62.8% of Binance BTC futures still in short positions, a prolonged hold could push prices toward $85,000.”

CoinDesk’s derivatives data similarly emphasized open interest and demand for leverage, saying “Bitcoin’s futures OI has climbed to 763.35K BTC” and that it was “up sharply from the May 1 low of 707.24K BTC.”

In the same thread, CoinDesk said “Bitcoin’s 24-hour cumulative volume delta (CVD) has turned positive,” describing it as buyers driving trading activity by placing more market orders than sellers.

Several reports linked the breakout to institutional demand via U.S. spot Bitcoin ETFs and to broader market positioning, while also noting that the timing of flows and derivatives dynamics mattered.

“Bitcoin's move to $80,000 caught bears on the wrong side of the market again, leading to large short liquidations”

CoinDesk

CoinDesk said “Net inflows into U.S. spot bitcoin ETFs reached $153.9 million last week” and that “April pulled in $1.97 billion across the products, the highest monthly total since October 2025.”

Bitcoin News similarly reported that “U.S. spot Bitcoin ETFs recorded $2.44 billion in net inflows in April, the highest monthly total since October 2025,” and it added that “BlackRock’s iShares Bitcoin Trust (IBIT) led the space throughout the month.”

It also stated that “Capriole data show institutions absorbing more than 500% of the BTC mined daily,” and it framed that as a driver for a target of $96,000.

CoinDesk, for its part, tied the derivatives backdrop to the end of de-risking by saying “The increase suggests renewed capital inflows into the market following April’s end-of-month de-risking.”

Cryptonews.net did not focus on the ETF totals in the excerpt provided, but it did emphasize the macro support narrative by saying “Bitcoin’s 200-week moving average has passed $60,000.”

That outlet described the 200 WMA as “widely regarded as Bitcoin’s ultimate macro support level” and said “Historically, Bitcoin rarely dips below its 200 WMA.”

CoinDesk also reported that “Ether climbed 2.3% to $2,368 and is up 2.2% on the week,” and it gave additional price moves for XRP, BNB, Solana, and Dogecoin, suggesting the rally’s reach beyond BTC.

While the breakout was framed as a squeeze, the outlets also laid out specific levels and volatility signals that traders were watching, including a requirement for consolidation above $85,000 and a longer-term support reference at $83,600.

CoinDesk quoted FxPro analysts, saying “bitcoin needs to consolidate above $85,000 to confirm the breakout,” and it included the analysts’ view that “The rising price and the downward-sloping 200-day moving average are actively converging with an important long-term trend line at $83,600.”

Cointribune

CoinDesk added that “Consolidation above this level could further encourage traders, but we would prefer to see consolidation above $85,000 first.”

Cryptonews.net similarly highlighted a trader’s sentiment threshold by quoting DonAlt: “market participants will turn full-blown bullish once the price of the leading cryptocurrency surges above the key $87,000 level.”

Bitcoin News offered a bullish target, stating the breakout “propel[led] the target to $96,000,” and it said “At current prices, that implies a move toward $96,000.”

At the same time, Bitcoin News included a cautionary counterpoint from analyst Gareth Soloway, who had warned on May 3 that a bearish flag pattern could push Bitcoin down to $50,000 if it failed to clear $85,000.

CoinDesk’s own risk framing emphasized derivatives conditions, saying “Funding rates on bitcoin perpetuals have been pinned negative for most of April” while also reporting that “ZEC is showing a similar setup” with “Funding rates are also positive at around 7%.”

It also described volatility measures, stating “Annualized thirty-day implied volatility for both bitcoin and ether has remained subdued for over a month” and that “Ethereum’s volatility index (EVIV) is now approaching the 55% level.”

The reports pointed to upcoming catalysts and to how traders might react if price holds or breaks key levels, with CoinDesk and Bitcoin News both referencing near-term developments.

“Bitcoin’s 200-week moving average has passed $60,000, which means that the leading cryptocurrency might never trade below this level again”

Cryptonews.net

Bitcoin News said “Strategy, formerly MicroStrategy, is set to publish its Q1 2026 results on May 5,” and it added that “The company paused its Bitcoin purchases at 818,334 BTC ahead of the release.”

Cryptonews.net

It also said analysts expect the results to reveal “a significant unrealized loss tied to price declines in Q1,” and it warned that “Any change in Strategy’s accumulation approach could quickly influence market sentiment.”

CoinDesk similarly framed the next phase as dependent on consolidation, stating that “The $80,000 level has now become the first line of support,” and that “a sustained hold at this level offers the bulls a credible path to $85,000.”

CoinDesk also described derivatives positioning shifts that could either stabilize or intensify moves, saying “Bitcoin’s futures OI has climbed to 763.35K BTC” and that “Funding rates on bitcoin perpetuals have been pinned negative for most of April,” while also noting that “Options markets, however, are signaling relative calm.”

It reported that “Annualized thirty-day implied volatility for both bitcoin and ether has remained subdued for over a month,” and it said “put skews in bitcoin and ether have weakened notably compared to a month ago.”

Cryptonews.net added a separate near-term sentiment trigger, quoting DonAlt’s view that bullish acceleration would likely follow a move above $87,000, while also noting that the 200 WMA crossing $60,000 was a structural shift in its framing.

CoinDesk’s token section also suggested that RWA tokens were part of the broader risk-on impulse, stating that “ONDO is leading the rally in RWA tokens” and that it was “up 11% over the past 24 hours.”