Bitcoin is closing in on $80,000 and already destroyed a record $4 billion in short bets

BREAKING: $BTC surges toward $80,000, up more than 10% in 24 hours to a three-month high, wiping out over $4 billion in short bets.

Four billion dollars in short bets, gone in three days. Bitcoin just torched anyone brave enough to fight it, surging past seventy eight thousand and closing in on eighty k, a three month high.

The spark came from Washington. The Treasury said it would at least double its buybacks of long dated debt, yields fell, and risk appetite came roaring back. Then Trump hosted crypto bosses at the White House and pushed Congress on the CLARITY Act, and the regulators kept rolling out friendly proposals. Bulls didn't need a second invitation.

Every leg up from sixty five through seventy through seventy five squeezed more shorts out, and each liquidation fed the next candle. CryptoQuant's Bull Score is back above sixty for the first time since October, though Alphractal's boss calls this nothing more than a relief rally.

Here's the uncomfortable part for the bulls. The squeeze that carried this move is nearly spent, and from here real demand has to do the lifting on its own.

This is Dave King, reporting for HIT.