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The cryptocurrency market witnessed a significant shift as Bitcoin tagged the $80,000 level, fueled by aggressive long bias among major whales. This momentum was further amplified by the liquidation of over $140 million in short positions within a 12-hour window, creating intense upward pressure. Market volatility spiked following reports of a potential US-Iran deal, triggering rapid pump-and-dump price action. Despite the price surge, a sharp drop in Bitcoin options open interest suggests a strategic reduction in market leverage as investors increase put option volumes for downside protection. Analysts are now focusing on critical liquidation clusters at $73.6K and $81.3K as geopolitical developments continue to drive market sentiment.
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