This Friday, the price of Bitcoin (BTC) climbed above $78,000, reaching a new 10-week high. This bullish movement was driven by an easing of geopolitical tensions between the United States and Iran, generating immediate optimism across financial markets. According to recent data, this sudden surge triggered a massive liquidation of short positions (bets on a price drop), wiping out over $660 million in Bitcoin futures contracts in just 24 hours.
This rally is significant not only for the price but also for the structural technical shift it suggests. The MACD indicator on the weekly chart has issued a historic buy signal after reaching its lowest point of all time. Industry analysts note that previous bullish crosses of this magnitude have preceded median returns of up to 195% within a year. Liquidity absorption between $77,500 and $78,000 confirms that the “bulls” maintain market control, increasing open interest by 13%.
The combination of stable macroeconomic fundamentals and technical momentum signals places Bitcoin in a price discovery zone. With eyes set on a solid weekly close, the market is already projecting ambitious targets toward $90,000. The next critical step will be consolidating current support to avoid a correction due to profit-taking before seeking new all-time records.
Source:https://www.coinglass.com/
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