Bitcoin Surges Toward $70K as $1.14 Billion in Crypto Shorts Get Rekt in an Hour — SkimNews
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- Bitcoin surged to an intraday high of $69,749 on Wednesday and traded near $68,689, up 9.3% on the week from a $62,832 open, according to Bitstamp data.
- Crypto short sellers absorbed $1.14 billion in forced liquidations within one hour, with Bitcoin accounting for $677.64 million, Ethereum $422.90 million, and Solana $37.88 million of that total, per CoinGlass.
- CoinGlass data shows 24-hour short liquidations reached $1.31 billion across 112,004 traders, with the largest single order a $32.18 million ETH position wiped out on Bitget.
- The White House is hosting President Trump, SEC Chair Paul Atkins, CFTC Chair Michael Selig, and executives from Coinbase, Ripple, and Kalshi on Wednesday to discuss crypto market-structure rules, the same day the Federal Reserve's July meeting minutes are released.
- Spot Bitcoin ETFs flipped net positive this week after a stretch of outflows, and Skybridge Capital's Anthony Scaramucci argued the 55% drawdown from highs is milder than prior cycles' 75–80% drops, suggesting the bear market is nearly done.
- Technical levels show Bitcoin pressing against a 'golden pocket' resistance zone between $70,284 and $73,245, with a daily close above $70,284 opening room toward $73,245; a close below $68,000 would return price to the range that has capped it since June.
Why it matters: The squeeze is concentrated: one hour did 87% of the day's $1.31 billion in short liquidations, meaning leveraged bears rather than spot buyers are driving most of this move. With $70,284 flagged as the next pocket of short interest, a breach could trigger a second cascade — but the article notes price remains well below the $126,000 October 2025 high, and a failure at $68,000 would snap Bitcoin back into its June range.
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