Bitcoin’s 7.9% surge liquidated over $1.2 billion in bearish positions, fueling a short squeeze as prices neared $79,320.
Bitcoin rose 7.9% to $77,137, peaking at $79,320, as a short squeeze wiped out $1.21 billion in bearish bets. The rally extended a 23.2% weekly gain, though the cryptocurrency remains 31.8% below its year-ago level.
Total crypto liquidations reached $1.5 billion across 178,777 traders, with Bitcoin accounting for $17.25 million in one-hour liquidations. The largest single liquidation was a $23.59 million BTC position on Hyperliquid. The surge follows a $3 billion short squeeze earlier in the week.
The rebound aligns with regulatory tailwinds, including President Donald Trump’s support for the crypto market-structure Clarity Act. Analysts remain divided on whether the momentum will sustain.