Bitcoin's surge above $28,000 resulted in approximately $130 million worth of liquidations in the crypto market, with short traders losing $104.45 million and long traders experiencing $25.46 million in liquidations. The majority of the liquidations occurred on OKX, Binance, and ByBit, with Bitmex recording the most significant liquidation at $7.29 million. Despite the liquidations, Bitcoin briefly broke the $28,000 level barrier, peaking at $28,432, before retracing to $27,960. The rally was attributed to news of the U.S. government reaching an agreement on its debt ceiling, which could reduce market skeptics' bearish outlook.