Bitcoin’s $80K fakeout wipes out shorts amid Iran headlines

Bitcoin ($BTC -0.37%)saw a sharp price swing on Monday after reports said Iran had sent the U.S. a new proposal through Pakistani mediators.

🔸Bitcoin jumped near $79,500 before a sharp pullback erased gains within a short period Monday.

Crypto liquidations reached about $275 million as leveraged traders reacted to fast-moving geopolitical headlines Monday.

🔸Short positions saw heavy losses after Bitcoin moved against bearish bets during the initial rally.