On April 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. 

The data reveals a brutal short squeeze, with bears bearing the absolute brunt of the market action. 

Short 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% of the total liquidation volume over the past several hours. Bitget and Gate followed, capturing about 19% and 15% of the volume, respectively. Hyperliquid stands out with a punishing 81.42% of its liquidations hitting short positions.

In 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, 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.