Ether and solana extend gains as a short squeeze lifts bitcoin toward $62,000
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- Bitcoin pushed to its strongest level in two weeks, approaching $62,000, fueled by a short squeeze that wiped out $281 million in bearish positions over 24 hours
- Bearish traders absorbed $281 million in liquidations in 24 hours, nearly double the longs, as forced position closures accelerated the move higher
- Ether rose almost 10% on the week, tracking bitcoin's rally and extending its own gains
- Solana climbed nearly 19% on the week, outpacing both bitcoin and ether as altcoin risk appetite returned
- A rebound in tech stocks eased the pressure from the AI trade, providing a macro tailwind that helped crypto break higher
Why it matters: The $281 million in bearish liquidations—nearly 2x the long side—reveals shorts were heavily positioned against this move, meaning the squeeze could have more fuel if bitcoin decisively breaks $62,000. Ether and solana's outsized weekly gains signal a rotation back into altcoins, though the move is technically forced buying rather than fresh capital, making it fragile if the macro tailwind fades.
