$250M Short Squeeze Blasts Bitcoin Back Above $80K
Bitcoin climbed back above $80,000 around Friday’s U.S. market open, reaching a local high of $81,034 on Bitstamp, according to TradingView data cited by Cointelegraph.
Shorts flushed as price spikes
A cluster of short positions above spot “came under fire,” with cumulative cross-crypto short liquidations near $250 million over four hours, per CoinGlass data referenced in the article.
Macro backdrop: oil swings, yields rise
The article linked BTC’s move to renewed energy-market jitters and higher U.S. bond yields. It cited a chart showing the U.S. 30-year yield at 5.34% on the day. West Texas Intermediate crude futures were described as falling to $94.8 per barrel before climbing toward $98.
Separately, an International Energy Agency (IEA) report quoted in the piece warned that if Gulf supplies remain constrained and inventories fall, “higher prices and further demand reductions may be required to close the supply-demand gap.” The report excerpt also referenced earlier emergency stock releases and shifting export routes.
Key level in focus: $82,000
On lower time frames, trader and analyst Rekt Capital characterized the setup as a “moment of truth.” A chart shared on X showed $82,000 as a key level for BTC/USD to break; failure could form a double rejection similar to the post–mid-May move, per the analysis cited.
On-chain context: cost bases reclaimed
On-chain analytics firm Glassnode, via X and cited in the article, estimated Bitcoin’s True Market Mean—the aggregate cost basis of coins acquired on secondary markets—at $76,660. “That puts price back above a crucial level and back into a bullish regime,” Glassnode wrote. The piece also noted Glassnode’s estimate that the average cost basis for Bitcoin held by corporate treasuries sits near $80,500, underscoring the significance of the current range.
What to watch
Traders are watching whether BTC can confirm a breakout above $82,000 or repeat a rejection near that zone. Volatility tied to macro headlines—energy markets and bond yields included—remains a potential catalyst, as presented in the source material.