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- Bitcoin surged past $77,000 during European trading Friday, extending its winning streak to five sessions. BTC gained about 8% in 24 hours and roughly 22% over the past week.
- Short sellers were hit by another wave of liquidations, with approximately $1.2 billion in short positions closed over the latest 24-hour period. Overall crypto liquidations reached around $1.4 billion among 156,211 traders, according to CoinGlass.
- The latest wipeout followed more than $3 billion in short liquidations on Thursday, the largest one-day total recorded since 2021. Short liquidations over the two days have now topped $4 billion.
- The biggest individual liquidation in the latest session was a $25.13 million Bitcoin position on Hyperliquid.
- Leveraged trades are automatically liquidated when adverse price movements push losses beyond a trader’s collateral, allowing exchanges to close positions before losses grow further.
- Since many of the liquidated traders were positioned for lower prices, their forced exits required buying, adding fuel to Bitcoin’s advance and setting off a broader liquidation cascade.
- The size of the short squeeze offers an important clue about the rally’s underlying strength. Forced buying from traders closing losing positions differs from voluntary demand from investors seeking to accumulate Bitcoin at higher prices.
- HYPE, Hyperliquid’s native token, rose more than 4% to almost $73. It has gained close to 27% over the past week, making it one of the strongest performers among major cryptocurrencies.
- Ether added nearly 5% to around $2,350 and was up about 24.5% over seven days. Dogecoin climbed nearly 9% to above $0.08, while Solana rose more than 5% to just under $90. Both were roughly 17% higher on the week.
- BNB advanced 6% to approximately $660, taking its weekly gain to around 8%. Tron was among the weaker performers, gaining 1.5% to just below $0.34 and showing little weekly movement.
- The broader rally began Wednesday after the U.S. Treasury announced plans to double long-term Treasury buybacks from $2 billion to $4 billion per operation. The move helped loosen conditions across the roughly $30 trillion Treasury market and lifted appetite for risk assets.
- Bitcoin then broke above resistance near $66,600, placing $76,000 in view as the next important level for traders.
- U.S. policy developments added to the bullish sentiment. President Donald Trump urged Congress to advance the Digital Asset Market Clarity Act during a White House meeting attended by representatives from Coinbase, Gemini, Ripple and Chainlink Labs.
- Bitcoin’s total market value has climbed to roughly $1.5 trillion. Even after the latest rally, BTC remains about 40% below its record high above $126,000 reached last October.
