Shorts Liquidated: PENGU Surges 12% as Bitcoin Eyes the $84,000 Milestone 🐧
The Risk-on rotation is picking up speed as Bitcoin’s stability near $78,000 allows altcoins to extend their gains.
🚀 Pudgy Penguins’
$PENGU led the charge with a 12.6% daily surge, while assets like Cosmos and Aptos followed with solid gains.
#pengu This upward velocity was amplified by a massive $418 million liquidation event, where caught-off-guard bears accounted for the majority of the wipeout.
Despite the excitement, the path to $84,000, a level assigned a 75% probability by prediction markets - faces a major hurdle.
The average cost basis of Bitcoin ETP investors sits at $83,000, serving as a psychological and financial breakeven wall.
#BTC Analysts warn that if
$BTC fails to reclaim this institutional floor, altcoins could become "fragile" due to high-beta leverage. For now, the sentiment is bullish, but the market remains skeptical of a full "altseason" before July. Watch the $83K level as the final gateway to a long-term trend shift. 📈