Bitcoin tops $77K, $25M shorts liquidated

Bitcoin traded around $77,000 on Wednesday, April 29, as crypto markets held near their highest levels since February ahead of the Federal Reserve decision. (coindesk.com) CoinMarketCap data showed Bitcoin changing hands near $77,054, after a 24-hour range of roughly $76,481 to $78,270. Ethereum traded near $2,290, with a 24-hour range of about $2,267 to $2,384. (coinmarketcap.com 1) (coinmarketcap.com 2) The move followed a sharp April rebound that took Bitcoin above $79,000 on April 22, its highest level since early February, as short positioning left traders exposed to a squeeze. (coindesk.com 1) (coindesk.com 2) Liquidation data has been central to the rally. CoinDesk reported on April 22 that about $180 million in Bitcoin short liquidations sat above the $78,000 level, a setup that can force bearish traders to buy back positions as prices rise. (coindesk.com) A liquidation is an automatic closeout on a leveraged trade when losses exhaust posted collateral. In crypto, that can turn a fast move higher into a squeeze, because short sellers are forced to buy into the rally they were betting against. (coinglass.com) Institutional flows have added another layer of support. CoinShares reported $1.2 billion of inflows into crypto investment products for the week ending April 24, the fourth straight positive week, with Bitcoin alone drawing $932.5 million. (theblock.co) (coinshares.com) CoinShares also said the previous week brought $1.4 billion of inflows after Bitcoin broke above $76,000, extending a recovery from the February correction. That rebound pushed total assets under management back toward levels last seen before the selloff. (researchblog.coinshares.com) (mexc.com) Macro risk has not disappeared. CoinDesk said oil pushed above $111 as traders weighed an extended U.S. naval blockade near the Strait of Hormuz, a backdrop that has tied crypto trading more closely to broader moves in energy and risk assets this month. (coindesk.com) (thestar.com.my) For now, Bitcoin is no longer fighting to reclaim $70,000. It is trading in the upper-$70,000 range, with traders watching whether inflows and another squeeze can carry it back through the $79,000 highs from last week. (coindesk.com) (coinmarketcap.com)