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Bitcoin Crosses $75,000 as $3 Billion in Short Positions Liquidated Amid Crypto Rally

Bitcoin Crosses $75,000 as $3 Billion in Short Positions Liquidated Amid Crypto Rally

Bitcoin breaks out of its recent range as stronger institutional demand and short liquidations support broader crypto gains.

Written by Rahul Dhingra, Edited by Rohan Pal | Updated: 21 August 2026 12:38 IST

Bitcoin Crosses $75,000 as $3 Billion in Short Positions Liquidated Amid Crypto Rally

Photo Credit: Unsplash/Erling Løken Andersen

Bitcoin gains momentum as Ethereum and other major cryptocurrencies also record strong gains

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Highlights

Bitcoin breaks above a key resistance level after weeks of consolidation
More than $3 billion in bearish positions were liquidated
Ethereum and XRP gains point to broader market participation

Bitcoin traded near Rs. 72 lakh on Friday as the cryptocurrency market extended its rally above Rs. 71 lakh, supported by stronger institutional demand, improving global liquidity and a sharp unwinding of bearish positions. Ethereum (ETH) was trading near Rs. 2.2 lakh, while major altcoins also posted gains. According to market participants, positive US economic data and strong demand for technology stocks in Asia, along with higher institutional inflows, have supported digital assets. As per the data by CoinGecko, Bitcoin traded near $75,200 (roughly Rs. 72 lakh) and Ethereum (ETH) was trading near $2,300 (roughly Rs. 2.2 lakh).

The world's largest cryptocurrency gained 17.2 percent in the last 24 hours, as per the Gadgets 360 price tracker. Analysts said institutional demand has strengthened, with US spot Bitcoin ETFs attracting around $1.11 billion (roughly Rs. 10,626 crore) between August 17 and 20. The rally saw more than $3 billion (roughly Rs. 28,719 crore) in bearish positions being liquidated.

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Major altcoins traded with positive momentum on Friday.

Binance Coin (BNB) was priced around $663.16 (roughly Rs. 63,484), while Solana (SOL) traded near $90.19 (roughly Rs. 8,634). XRP hovered around $1.30 (roughly Rs. 124), and Dogecoin (DOGE) traded near $0.0825 (roughly Rs. 7.9), indicating broader participation across large-cap cryptocurrencies.

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Short Liquidations and Institutional Buying Strengthen Market Momentum

Pointing to the impact of improving macro conditions and institutional demand, Nischal Shetty, Founder, WazirX, said, “Global macro conditions remain constructive for crypto as US jobless claims fell to 206,000 and the Philadelphia Fed manufacturing index rose to 47.4, supporting economic confidence and risk appetite. Japan's 23.2 percent export growth reinforced resilient technology demand, while China's unchanged lending rates preserved regional liquidity.”

Highlighting the role of institutional flows and broader market participation, Avinash Shekhar, Co-Founder & CEO, Pi42, said, “More than $3 billion (roughly Rs. 2,872 crore) in bearish positions were liquidated as Bitcoin broke out of its six-week range, while US spot Bitcoin ETFs recorded over $517 million (roughly Rs. 495 crore) in net inflows, their strongest daily inflow in more than three months. The broader market is also participating, with Ethereum and XRP posting strong gains and overall crypto market sentiment moving firmly into greed territory.”

Assessing the impact of stronger institutional demand and improving liquidity, Vikram Subburaj, CEO, Giottus.com, said, “The rally followed the US Treasury's decision to increase certain long-dated bond buybacks to at least $4 billion (roughly Rs. 3829 crore) per operation. Meanwhile, US spot Bitcoin ETFs attracted about $1.11 billion (roughly Rs. 1,063 crore) between August 17 and 20 [...] Investors should avoid chasing a sharp daily rally or using excessive leverage. Staggered entries and smaller position sizes are preferable ahead of US PCE data on August 26 and the September Fed meeting.”

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Overall, Bitcoin's ability to hold above $74,000-$74,500 (roughly Rs. 70.84 lakh-Rs. 71.32 lakh) and move towards the $75,500-$76,000 (roughly Rs. 72.31 lakh-Rs. 72.79 lakh) resistance zone will be important in determining whether the rally can extend further.

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Cryptocurrency is an unregulated digital currency, not a legal tender and subject to market risks. The information provided in the article is not intended to be and does not constitute financial advice, trading advice or any other advice or recommendation of any sort offered or endorsed by NDTV. NDTV shall not be responsible for any loss arising from any investment based on any perceived recommendation, forecast or any other information contained in the article.

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Further reading: Crypto Markets, Crypto Prices, BTC, ETH, Bitcoin

Rahul Dhingra

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Rahul Dhingra is a crypto writer at Gadgets 360, where he covers the exciting world of Cryptocurrency, Blockchain, Defi and Web3. Before joining Gadgets 360, he worked as a content specialist for a European-based Crypto Exchange. Rahul loves storytelling, not just through the written word but also through the visual medium. Beyond his professional life, Rahul is a sports fanatic. Whether it’s cricket or football, his passion for the game is contagious. More