Bitcoin Bulls Defend $79,200 as $28.3M in Long Liquidations Resets Risk
traded sideways on Friday as global markets appeared to shrug off the latest skirmishes between the U.S. military and Irans Islamic Revolutionary Guard Corps in the Strait of Hormuz. Similarly, the latest data showing nonfarm payrolls surging by 115,000 in April failed to give the a boost as it oscillated between $80,200 and $79,200. While the stability halted a recent slide that erased gains made at the start of the week, s price action over 24 hours meant it was poised to end the workweek marginally higher. Its market capitalization remained stuck just under $1.6 trillion, a nearly 2% increase from seven days ago. Predictably, the flat price action resulted in a marked decline in leveraged positions liquidated over a 24-hour period. alone saw $28.3 million in long bets liquidated in the period, versus $14.5 million in shorts. For context, approximately $91 million in overleveraged long positions were wiped out in the preceding 24 hours, compared with $12 million in shorts. Overall, the economy saw $202 million in leveraged positions wiped out, with longs accounting for $103 million. While the latest kinetic engagement between the U.S. and Iran represented a significant escalation in intensity compared to Mondays skirmishes, its brief duration reinforced the