Shorted and Sweet: $BTC Clears $81K While $300M in Leverage Gets Liquidated 🥴

Bitcoin pushed past $81,000 on Friday, extending a three-day recovery that first reclaimed $78,000 and then $80,000, as roughly $306.55 million in leveraged crypto positions were liquidated within four hours. Of that four-hour total, $286.14 million came from short positions and $20.41 million from longs. Across the past 12 hours, total liquidations reached $411.62 million, with $372.53 million wiped from shorts and $39.09 million from longs. Over 24 hours, liquidations totaled $515.05 million, including $457.26 million in short positions. The U.S. dollar index reached 100.48 on Friday as $BTC moved through the $80,000 range.

The move came despite a turbulent macro backdrop. On Wednesday, the Federal Reserve raised its target rate by 25 basis points to 3.75%-4.00%, and two days later the Bank of Japan lifted its policy rate to 1.25%, the highest level in 31 years. Crypto traders were also weighing the U.S. Senate's Tuesday vote on the Digital Asset Market Clarity Act, where cloture on the motion to proceed failed 49-50, leaving the bill unable to advance at that stage. Bitcoin slipped following that setback before resuming its climb.

Chinese cryptocurrency miner Jiang Zhuoer said in his latest market analysis that Bitcoin had recovered without falling below $75,000, a level he had previously flagged. Zhuoer stated that the rapid pace of the recent rise could send price toward a strong resistance zone between $83,000 and $84,000 next, after which he believes a sharp correction could follow, with a potential retreat to the $72,000-$74,000 range liquidating long positions.

In separate market action, Bitcoin Cash ($BCH) and Bitcoin SV ($BSV) posted sharp gains earlier in the week even as $BTC itself pulled back toward $84,000 after touching a seven-month high near $87,250. CME Group said Monday it will launch Bitcoin Cash futures on Oct. 19, pending regulatory review, with standard contracts representing 250 BCH and micro contracts covering 25 BCH. CME's global head of cryptocurrency products, Giovanni Vicioso, said the contracts give institutions "broader, regulated tools to navigate evolving digital asset related price risk." Grayscale also filed to convert its Bitcoin Cash Trust into a spot ETF for NYSE Arca listing. Bitcoin Cash jumped as much as 30% in the hours after the news, briefly touching $358, while Bitcoin SV gained roughly 20% alongside $BCH, climbing toward $21. Spot Bitcoin ETFs pulled in $715 million on Tuesday.