Bitcoin cleared the psychological $78,000 level Wednesday, breaking out of a three-month trading range that had constrained the world's largest cryptocurrency between $65,000 and $75,000 since mid-January.
The move higher caught bears off guard, triggering $286 million in short liquidations across derivative exchanges over the past 24 hours, according to CoinGlass data. Long positions suffered $132 million in liquidations during the same period. The asymmetry signals fresh bullish momentum after weeks of choppy, range-bound price action that frustrated momentum traders.
At press time, BTC traded near $77,999, up 0.6% in the past 24 hours and roughly 4% over the past week. The cryptocurrency has climbed more than 11% over the past month. Broader crypto markets also advanced: ETH gained 1.46% to $2,362, while SOL rose 0.53% to $86.61.
Macro tailwind and institutional accumulation
Risk-on sentiment returned after U.S. President Donald Trump extended the ceasefire with Iran, citing a "seriously fractured" Iranian government. That lifted U.S. equities, with the S&P 500 (SPY) gaining 1.01% and the Nasdaq (QQQ) adding 1.67%.
Spot Bitcoin ETFs attracted $335.8 million in net inflows on Wednesday, April 22, compared to $11.84 million on April 21 and $238.4 million on April 2o. BlackRock's iShares Bitcoin Trust (IBIT) led with $246.9 million, while Fidelity's FBTC added $56.7 million and Bitwise's BITB took in $15.4 million. BlackRock's IBIT has crossed 800,000 BTC in holdings—roughly $63.7 billion—having accumulated nearly $1 billion over the past seven days, outpacing weekly BTC supply issuance. Grayscale's GBTC saw outflows of $16.6 million on April 22.
Ethereum ETFs drew $96.4 million in net inflows, extending a nine-day streak. BlackRock's ETHA led with $53.6 million and Fidelity's FETH added $40.6 million, while Grayscale's ETHE saw $9.2 million in outflows.
Next levels to watch
A cluster of $180 million in short liquidations sits between $77,000 and $78,000, making a clean break above $78,000 likely to accelerate moves toward $80,000. The Polymarket contract for BTC above $80,000 in April has climbed to 60.5% YES, up from 44% the prior day. Below, $71 million in longs are at risk should BTC reclaim the $77,300 level to the downside.
