Bitcoin jumps to $77,271.75 as short liquidations top $1.2 billion

Bitcoin extended gains over the past 24 hours, climbing to $77,271.75 and finishing up 2.68% on the day, according to CoinDesk. Improving risk appetite has been underpinned by stronger U.S. liquidity conditions and a more constructive crypto regulatory backdrop, while continued spot buying has added support. Flows into U.S. spot Bitcoin ETFs also remained positive. On August 20, the group posted a combined net inflow of $606.29 million, extending the recent streak of subscriptions. The steady allocations have translated into fresh spot-market demand and strengthened expectations that the rally can persist. The move was also fueled by short covering. As prices accelerated, short positions were forcibly closed, increasing volatility and intensifying the upswing. More than $1.2 billion in Bitcoin short positions were liquidated during the rally, highlighting a pronounced short-squeeze dynamic. Key figures: - 24-hour change: +2.68% - Latest price: $77,271.75 - Short liquidations: over $1.2 billion Traders are focusing on the $75,000 area as near-term support. Holding above that level could keep the rebound intact, with the next target zone near $79,463. If buying momentum fades, near-term volatility may pick up.