Bitcoin Short Liquidations Hit $282 Million as BTC Nears $80,000

Bitcoin traded at $79,813 at 14:00 UTC Aug 25, up 3.2% in 24 hours and 25.5% over seven days per CoinGecko. The move wiped out $282 million in short positions over the same window, representing 62% of all crypto short liquidations. **What triggered the short squeeze?** CoinGecko data shows a cascade of liquidations on perpetual futures exchanges forced bearish traders to buy back positions as price climbed toward $81,000 intraday. The 24-hour volume of $50.4 billion on BTC spot and derivatives markets provided the fuel. CoinGecko data shows the 7-day close series progressed from $64,724 to $78,937, confirming sustained upward momentum rather than a single-day spike. **Why are shorts concentrated at these levels?** per CoinGecko, open interest data suggests leveraged shorts accumulated during the mid-August consolidation between $58,000 and $65,000. As BTC broke above the 200-day moving average near $67,000, those positions became increasingly vulnerable. The 25.5% weekly gain represents the strongest seven-day performance since Q1 2024. **Who is affected by the liquidation wave?** Figures from the desk show traders holding leveraged short positions on Binance, Bybit, and OKX absorbed the bulk of the $282 million in forced closures. Market makers delta-hedging the resulting long exposure added to spot buying pressure. The 59.3% BTC dominance reading indicates capital rotating from altcoins into bitcoin as the primary beneficiary of the risk-on move. **What comes next for price action?** CoinGecko data shows the $81,160 intraday high on the final daily candle now is immediate resistance. A clean break above $81,500 would target the 2021 cycle peak near $69,000 adjusted for supply inflation, approximately $73,000 in real terms, though that comparison requires caveats. Downside support sits at the $76,700-$77,000 zone where the prior three daily candles found buyers.

per CoinGecko, the bottom line: Bitcoin's 25.5% weekly surge liquidated $282 million in shorts and pushed dominance to 59.3%, signaling a structural shift from altcoin speculation back to BTC as the primary risk-on vehicle.