Bitcoin has soared above $60,000 for the first time in over two weeks, adding more than $7,000 to its value within the last week. This impressive rise resulted in the liquidation of nearly $130 million worth of positions, with over $100 million coming from short positions. According to data from CoinGlass, bearish traders have suffered significant losses as Bitcoin continues its upward trend.
This price rally follows a steep decline the previous Friday, when Bitcoin rapidly dropped from $57,000 to $52,500 in just a few hours. Analysts pointed to macroeconomic concerns and the increasing outflows from Bitcoin exchange-traded funds (ETFs) as key contributors to the sell-off. Despite these challenges, Bitcoin rebounded quickly and managed to maintain its recovery throughout the week, eventually breaking past the $60,000 mark.
Bitcoin hit a 16-day peak of $60,500 on Friday evening, demonstrating resilience even in the face of fresh Consumer Price Index (CPI) data that many believed would push prices lower. Instead, Bitcoin gained over 12% in the past week, supported in part by a shift in ETF dynamics and news of MicroStrategy’s recent large Bitcoin purchase.
Altcoins See Gains Alongside Bitcoin
While Bitcoin has been the main focus, other cryptocurrencies have also seen substantial gains. Ethereum (ETH) rose above $2,400, up 3% for the week, while Chainlink (LINK) surged by 6%. Meme coins like PEPE also saw significant growth, climbing over 7% in the past day.
Popular tokens such as Dogecoin (DOGE), XRP, and Shiba Inu (SHIB) also recorded gains, with increases ranging from 2.5% to 4.5%. The wider cryptocurrency market is clearly benefiting from the positive momentum created by Bitcoin’s rally.
Large-Scale Liquidations Due to Price Surge
As Bitcoin crossed the $60,000 threshold, the total value of liquidated positions on the market reached almost $130 million within a single day. The majority of these liquidations (80%) were from short positions, illustrating the sharp losses faced by traders betting against the recent price increase.
With the market now showing signs of renewed bullish sentiment, there is growing speculation about whether Bitcoin will continue its upward trajectory and possibly set new record highs. However, given the volatile nature of cryptocurrency markets, traders remain cautious while the bulls continue to drive momentum.
