Bitcoin’s Wild Ride: $1 Billion Liquidations and a Swift Rebound to $80K

The past 24 hours in the crypto market have been a rollercoaster, especially for leveraged traders. Bitcoin saw extreme volatility, plunging from $84,100 to $76,560—a sharp 9% drop for the $1.65 trillion asset. The price swings resulted in over $1 billion in liquidations of perpetual futures, according to CoinGlass, leaving many traders reeling.

However, Bitcoin quickly regained momentum, bouncing back above $80,000 and touching $81,700, nearly erasing the previous drop. This dramatic recovery raises questions about a potential shift in market dynamics. One notable signal came from the CME gap closing at $77,000, reinforcing the market’s unpredictability.

Wintermute CEO Evgeny Gaevoy captured the sentiment perfectly in an X post, sharing a popular crypto meme celebrating Bitcoin’s recovery. His post, captioned, "Woke up, BTC above 80K," resonated with traders witnessing the rapid turnaround.

While Bitcoin’s resilience is undeniable, the question remains—how long can the bullish momentum last?