Bitcoin is barreling toward $70,000 again.
The largest crypto by market cap touched an intraday high of $69,749 Wednesday and was recently trading near $68,689, up 9.3% on the week per Bitcoin price data on Bitstamp
The gain extends a recovery that has now pulled Bitcoin roughly 19% off the $57,735 swing low marked on the chart, though it remains well below the record above $126,000 set in October 2025. The rally is running over a pile of dead short positions. CoinGlass’s Total Liquidations panel shows $1.14 billion in short bets wiped out across the crypto market in the last hour, out of $1.22 billion in total liquidations for the period.
Bitcoin accounts for $677.64 million of that hourly figure on CoinGlass’s heatmap, with Ethereum ($422.90 million) and Solana ($37.88 million) making up most of the rest. A liquidation happens when an exchange force-closes a leveraged position because the trader’s collateral can’t cover the loss. A short is a bet that the price of a given asset will fall.