Bitcoin Reclaims $72K, Analysts Eye $80K as Bull Market Trigger
News By Alex Dovbnya Wed, 8/04/2026 - 5:38 Bitcoin’s sudden surge to nearly $73,000 has triggered a $596 million volatility event, completely wiping out over 120,000 traders.. Advertisement
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On Apr. 7, Bitcoin, the leading cryptocurrency, briefly soared to $72,767, the highest level since March 18.
The leading cryptocurrency is now up by more than 5% this month after recording its first green month in five consecutive months of bleeding.
Total liquidation data
Over the past 24 hours, the cryptocurrency market experienced a massive volatility event that wiped out 120,386 traders. This has resulted in nearly $596 million in total liquidations.
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AdvertisementShort liquidations accounted for $427.25 million of the daily total, completely eclipsing the $168.75 million in long liquidations.
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Binance has captured nearly 30 percent of the total liquidation volume over the past several hours. Bitget and Gate follow, capturing about 19 percent and 15 percent of the volume, respectively. Hyperliquid stands out with a punishing 81.42 percent of its liquidations hitting short positions.
AdvertisementIn the meantime, a whale has opened a massive "long" position on both Bitcoin and Ethereum.
The whale used 20x leverage, meaning that the trade is incredibly risky and shows extreme conviction.
If the market goes up 1%, the whale makes a 20% profit on their initial collateral.
All eyes on $80,000
However, despite the geopolitical detente, the bulls are not out of the woods just yet.
The bulls are now eyeing the pivotal $80,000 level for the cryptocurrency to finally reclaim bullish momentum after weeks of underperformance.
Analyst Fred Krueger is convinced that BTC could reclaim the $80,000 level as soon as this week.
Andre Dragosch, Bitwise's European head of research, believes that the market will likely switch from bear to bull market psychology with a sustainable break above $80,000.
#Bitcoin Price Prediction AdvertisementGM ☕️
— André Dragosch, PhD⚡ (@Andre_Dragosch) April 8, 2026
Bitcoin up more than 3% on the ceasefire news.
We will likely switch from bear to bull market psychology with a sustainable break above 80k - lots of confluence around that level where ETF cost bases for both STHs, LTHs and True Market Mean reside. pic.twitter.com/iFWUi0xKVS
