Bitcoin Holds $81,500 as Ethereum Rises 2.6% Amid $387M Liquidations
Bitcoin traded near $81,500, with a 24-hour high of $81,849 and a low of $80,126. Ethereum outperformed, rising 2.36% to about $2,689 and briefly reaching $2,707. Crypto liquidations totaled $387 million over 24 hours, affecting nearly 120,000 traders. Short positions accounted for $228 million of the liquidations, compared with $158 million for longs, suggesting the rebound was partly driven by a short squeeze. The largest single liquidation was a $5.34 million Binance ETHUSDT perpetual-contract position. Solana rose 1.20% to $112.26, while XRP gained 1.29% to $1.4245. Bitcoin’s technical structure remained constructive, with its price above the 20-, 50- and 200-day moving averages. RSI stood at 64, while resistance was near the $82,075 Bollinger upper band and the recent $82,300 high. Ethereum’s RSI was 66.1 and its price also remained above key moving averages. The Crypto Fear and Greed Index eased to 70 but stayed in the greed zone. Bitcoin’s ability to break above $82,000, alongside derivatives positioning and liquidity flows, will be important for near-term trading direction.
Bullish
The immediate market signal is bullish. Bitcoin remains above its 20-, 50- and 200-day moving averages, while Ethereum is also trading above major trend indicators. Ethereum’s stronger performance and the nearly 60% share of short liquidations show that buyers currently have control of leveraged positioning. The Fear and Greed Index at 70 also confirms positive risk appetite. Similar liquidation-driven rallies have often extended in the short term when short sellers are forced to cover, although they can become vulnerable to sharp reversals once leverage is reduced. Bitcoin faces resistance around $82,075-$82,300. A sustained breakout above this area could attract momentum traders and support further gains. Failure to break through it may trigger profit-taking, especially with RSI readings above 60 and market sentiment already in the greed zone. For longer-term stability, traders should monitor whether spot demand continues after the short squeeze fades. Rising open interest without corresponding spot inflows would increase the risk of another liquidation cascade. Overall, the trend and positioning favor a bullish near-term bias, but the market remains sensitive to leverage, resistance levels and sudden changes in liquidity.