Summary
- Bitcoin saw a 7.9% increase in the last 24 hours, reaching approximately $77,137 and marking a 23.2% weekly gain after hitting an intraday peak of $79,320.
- This price surge led to a significant short squeeze, with CoinGlass reporting around $1.5 billion in total crypto liquidations affecting 178,777 traders in just one day—approximately $1.21 billion of which were from short positions.
- The rally has been fueled by optimistic sentiment from Washington, including support from Trump for the Clarity Act and indications that regulators are working to bring Hyperliquid onto U.S. shores.
On Friday, Bitcoin continued its upward trajectory, punishing those who had shorted the asset and resulting in the liquidation of over a billion dollars in bearish bets.
The leading cryptocurrency was trading at about $77,137, reflecting a 7.9% rise over the past day, according to CoinGecko, after reaching a daily high of $79,320. This increase capped a robust week, leaving Bitcoin up 23.2% for the week, even though it remains down roughly 31.8% compared to the previous year.
Myriad: What’s next for Bitcoin? Make your prediction here.The price surge severely impacted leveraged short sellers. According to CoinGlass, approximately $1.5 billion in liquidations occurred across the crypto market within the last 24 hours, with short positions accounting for about $1.21 billion of that total.
Bitcoin alone was responsible for around $17.25 million in liquidations on the one-hour heatmap, and the largest single liquidation order in the past day amounted to $23.59 million, affecting a BTC position on Hyperliquid. This scenario illustrates a classic short squeeze, where rising prices compel bearish traders to buy back their positions, further driving prices upward.
This rebound comes after a challenging period for the market. Earlier this week, Bitcoin approached a recent high, leading to the liquidation of about $3 billion in short positions, though analysts remain split on the sustainability of this momentum.
The price rally has coincided with a series of positive developments from Washington. President Donald Trump expressed support for the Clarity Act concerning crypto market structure during a White House event and indicated that regulators are making efforts to bring the offshore perpetual-futures exchange Hyperliquid into the U.S., boosting market sentiment.
Bitcoin's rise was mirrored by Ethereum, Solana, and other significant cryptocurrencies. Bitcoin's market capitalization was around $1.55 trillion, with 24-hour trading volume exceeding $69 billion.