{"id":12332,"date":"2026-08-25T06:15:14","date_gmt":"2026-08-25T06:15:14","guid":{"rendered":"https:\/\/cryptonews.uk.com\/?p=12332"},"modified":"2026-08-25T06:15:14","modified_gmt":"2026-08-25T06:15:14","slug":"bitcoin-breaks-higher-as-ether-joins-record-crypto-short-squeeze","status":"publish","type":"post","link":"https:\/\/cryptonews.uk.com\/?p=12332","title":{"rendered":"Bitcoin Breaks Higher as Ether Joins Record Crypto Short Squeeze"},"content":{"rendered":"

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  • Bitcoin\u2019s broken back above US$80,000, up 27.5% over the past week and currently trading at US$80,684.<\/span><\/li>\n
  • Bitfinex reports the rally came alongside the biggest short-liquidation event on record, with roughly US$3 billion in shorts wiped out on 19\u201320 August.<\/span><\/li>\n
  • The catalyst was a US Treasury announcement on expanded buybacks of longer-dated government debt, which pushed Bitcoin out of its US$62,000\u2013US$65,000 range.<\/span><\/li>\n
  • Ether joined the rally too, up more than 32% since 19 August, while analysts are watching US$86,500 as the next resistance level for BTC.<\/span><\/li>\n<\/ul>\n<\/div>\n<\/div>\n

    Bitcoin has broken through the US$80k (AU$111.8k) barrier again, gaining 4.3% over the past 24 hours and 27.5% over the past week. At the time of writing, BTC is trading at US$80,684 (AU$112,774).<\/p>\n

    According to Bitfinex\u2019s latest market report, the move came with a sting in the tail: traders betting against Bitcoin were caught in one of the biggest liquidation waves ever recorded.<\/p>\n

    Bitcoin had been boxed in between US$62,000 and US$65,000 (AU$86,652\u2013AU$90,845) since 8 July. Then it broke out. By 20 August it had cleared US$71,000 (AU$99,231), and it kept climbing into the upper US$70k range from there. All this came in a month that\u2019s historically brutal for Bitcoin \u2013 August has had a median return of -6.99% since 2013, Bitfinex noted.<\/p>\n

    The catalyst was a US Treasury announcement on expanded buybacks of longer-dated government debt, which gave markets their first clear liquidity-support signal of the quarter.<\/p>\n

    That mattered because Bitcoin had been stuck in a relatively tight range. Once the top of that range broke, buying accelerated as traders covering short positions added to the move.<\/p>\n

    Read more:<\/strong> Term Finance Loses $8.5M in Governance Exploit<\/strong><\/p>\n

    Shorts Take a Beating<\/h2>\n

    Around US$3 billion (AU$4.19 billion) in crypto short positions were liquidated between 19 and 20 August, compared with just US$337 million (AU$471 million) in long liquidations.<\/p>\n

    \"\"\"\"
    Total Daily Crypto Liquidations, source: Coinglass\/ Bitfinex\u00a0<\/figcaption><\/figure>\n

    Bitfinex Alpha called it the largest short-side liquidation event on record, and roughly the seventh-largest liquidation day overall. A rough few days to be a bear.<\/p>\n

    But this wasn\u2019t purely about shorts getting steamrolled. Bitcoin futures open interest actually climbed to around US$51.36 billion (AU$71.81 billion) over the same three days \u2013 meaning traders were opening fresh positions even as the old shorts got wiped out. Fresh money was coming in, not just old money leaving.<\/p>\n

    Ether Joins the Rally<\/h2>\n

    Ether rode the wave too, up more than 32% since 19 August as the rest of the market followed Bitcoin\u2019s lead. It\u2019s currently trading at US$2,506 (AU$3,503), per CoinMarketCap.<\/p>\n

    Bitfinex\u2019s analysts pointed out the rally played out against fairly thin market conditions, the kind that can turn a crowded trade into a violent one in either direction. This time it went up.<\/p>\n

    Read more:<\/strong> Bitcoin Could Stay Range-Bound Through Year-End, Bitget CEO Says<\/strong><\/p>\n

    The next line in the sand, according to Bitfinex, sits around US$86,500 (AU$120,888), roughly where buyers who entered the market 18 months to two years ago finally break even. Clear that, and the pressure eases further. Slip back under US$70k, though, and this whole rally starts looking like a short squeeze that got ahead of itself.<\/p>\n<\/p><\/div>\n

    Bitcoin,Cryptocurrency,Ethereum#Bitcoin #Breaks #Higher #Ether #Joins #Record #Crypto #Short #Squeeze1787638514<\/p>\n","protected":false},"excerpt":{"rendered":"

    Bitcoin\u2019s broken back above US$80,000, up 27.5% over the past week and currently trading at US$80,684. Bitfinex reports the rally came alongside the biggest short-liquidation event on record, with roughly US$3 billion in shorts wiped out on 19\u201320 August. The catalyst was a US Treasury announcement on expanded buybacks of longer-dated government debt, which pushed<\/p>\n","protected":false},"author":1,"featured_media":12333,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[7],"tags":[91,232,62,1165,867,2605,245,67,4022],"class_list":["post-12332","post","type-post","status-publish","format-standard","has-post-thumbnail","category-bitcoin","tag-bitcoin","tag-breaks","tag-crypto","tag-ether","tag-higher","tag-joins","tag-record","tag-short","tag-squeeze"],"yoast_head":"\nBitcoin Breaks Higher as Ether Joins Record Crypto Short Squeeze - Crypto News: Latest Cryptocurrency News and Analysis<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/cryptonews.uk.com\/?p=12332\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Bitcoin Breaks Higher as Ether Joins Record Crypto Short Squeeze\" \/>\n<meta property=\"og:description\" content=\"Bitcoin\u2019s broken back above US$80,000, up 27.5% over the past week and currently trading at US$80,684. Bitfinex reports the rally came alongside the biggest short-liquidation event on record, with roughly US$3 billion in shorts wiped out on 19\u201320 August. 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