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AlayaQueen

08/20 14:11Бычий

Bitcoin breaks out of six-week range, tops $71,000

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BTC/USDT
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Bitcoin breaks out of six-week range, tops $71,000 as $3 billion in shorts get wiped out Six weeks of compression ended in the largest short liquidation since at least 2021, with $3 billion of bearish bets forced to buy back into thin supply. Bitcoin BTC $71,847.24 extended Wednesday’s advance, climbing above $71,000 for the first time since June. The largest cryptocurrency has added 3.5% since midnight UTC and 11% over 24 hours, having broken decisively out of the range that had held it since July 8. The price move was mechanical rather than narrative-driven. BTC spent six weeks between roughly $62,000 and $66,900 with volatility grinding down to multi-year lows, a setup that encouraged traders to fade every approach to the range high. That left a thick band of short liquidation levels between $65,000 and $67,000. The U.S. Treasury's announcement that it would at least double long-dated buyback operations to $4 billion pulled the 30-year yield back from 5.337%, its highest since 2007, and the resulting bid in risk assets was enough to clear the ceiling.
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