Bitcoin has broken above $76,000, extending a four-day rally amplified by a wave of forced short covering. The Royal Government of Bhutan transferred out another 490 BTC during the surge, and analysts now point to $83,000 as the rally's next test.
Bitcoin broke above $76,000, extending a four-day rally from around $62,700. That move has pushed the price roughly 22% higher over the stretch.
Short Covering Accelerates the Breakout
A wave of forced short closures amplified the gains, as more than $3.8 billion in crypto short liquidations were wiped out over two days. Before that short squeeze took hold, though, three catalysts triggered the initial breakout: U.S. Treasury bond buybacks, stronger Bitcoin ETF demand and improving crypto regulatory sentiment.
Bhutan Government Moves Another 490 BTC
The Royal Government of Bhutan transferred out 490.87 BTC worth nearly $32.74 million from its primary wallet during the rally. The largest single transfer alone moved 485 BTC worth almost $32.31 million. The receiving wallet now holds over 2,018 BTC worth $152 million after transfers over the past two to three days. The kingdom's holdings in that wallet have dropped from roughly 13,000 BTC in October 2024 to 967 BTC today, according to Arkham data cited by CoinGape.
Analysts Eye $83,000 Next
Bitcoin has rallied almost 20% this week. The 24-hour range has spanned $69,498 to $76,916. Trading volume has increased by another 17% over the last 24 hours, suggesting rising interest among traders.
Crypto analyst Ali Martinez expects the rally could extend toward $83,000, since the next major supply cluster doesn't appear until $83,307-$84,569, a zone where roughly 1 million BTC previously changed hands. Total Bitcoin open interest across crypto exchanges has topped $56.93 billion for the first time since May, climbing more than 7% in 24 hours. Prediction markets now put the odds of Bitcoin reaching $80,000 by December 31, 2026, at 79%.
Sources: Coinpedia Fintech News, CoinGape
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