Bitcoin (BTC) experienced a significant rally, surpassing $78,000 on Friday, marking a 10-week high as the crypto and equity markets reacted positively to cooling tensions related to the conflict in Iran involving the US and Israel. This surge resulted in substantial liquidations, with over $660 million in short positions being closed, including $353 million specifically in Bitcoin. Overall, the crypto market saw more than $826 million wiped from futures positions within a single day. Notably, the largest liquidation occurred on Hyperliquid, where a $15.75 million BTC-USDT short position was closed. The rising open interest in Bitcoin futures, which increased by 13%, indicates heightened market participation and leverage, favoring bullish traders. Analysts are particularly optimistic due to the MACD (Moving Average Convergence Divergence) indicator signaling a buy on the weekly chart, a pattern that has historically preceded sharp price rallies. Previous instances of this signal have led to significant increases in Bitcoin's price, with potential targets now set at $90,000 and beyond.