Bitcoin surged 7.9% to ~$77k, liquidating $1.21B in short positions amid positive Washington sentiment.
Macro & Markets ·
Bitcoin rose 7.9% within 24 hours to reach approximately $77,137, triggering cascading liquidations of bearish positions. CoinGlass data indicated roughly $1.21 billion in short liquidations among total crypto liquidations of about $1.5 billion across nearly 179,000 traders. The price movement also marked a weekly gain of 23.2%, though the asset remained down approximately 31.8% year-over-year.
The sharp price climb forced leveraged short sellers to cover positions, intensifying upward momentum in what traders recognize as a classic short squeeze dynamic. The largest single liquidation recorded in the period was a $23.59 million Bitcoin position on Hyperliquid. This advance occurred alongside positive regulatory signals from Washington, where Trump backed the Clarity Act and indicated efforts to bring Hyperliquid onshore, bolstering market sentiment. Other major tokens including Ethereum and Solana also advanced in tandem, pushing Bitcoin's market capitalization near $1.55 trillion and 24-hour volume above $69 billion.
Whether this momentum persists remains uncertain, as analysts hold divergent views on sustainability following the recent correction. The intraday peak of $79,320 suggests potential resistance levels, though the week's aggregate strength demonstrates substantial buying interest at current valuations.