Bitcoin Surges Toward $70K as $1.14 Billion in Crypto Shorts Get Rekt in an Hour
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- Bitcoin jumped 9.3% on the week to an intraday high of $69,749, trading near $68,689 and recovering roughly 19% off its $57,735 swing low — though still well below the $126,000+ record set in October 2025.
- CoinGlass data shows $1.14 billion in crypto short positions liquidated in a single hour, with Bitcoin accounting for $677.64 million, Ethereum $422.90 million, and Solana $37.88 million of the forced buybacks.
- Across 24 hours, total short liquidations hit $1.31 billion across 112,004 traders; the largest single order was a $32.18 million Ethereum position force-closed on Bitget — a cascading short-squeeze feedback loop.
- President Trump meets Wednesday at the White House with SEC Chair Paul Atkins, CFTC Chair Michael Selig, and executives from Coinbase, Ripple, and Kalshi to discuss crypto market-structure rules, the same day the Federal Reserve's July meeting minutes are due, with prediction markets showing rate-hike odds already pared from 80% earlier this year.
- Spot Bitcoin ETFs flipped net positive this week after a stretch of outflows, per the article.
- Skybridge Capital's Anthony Scaramucci argued Bitcoin's roughly 55% drawdown from its high is milder than prior cycles' 75–80% drops and "suggests many net buyers are already positioning," calling the bear market "nearly done."
- The chart has Bitcoin back above its 200-day moving average but pressing into the "golden pocket" resistance zone between $70,284 and $73,245, with a daily close below $68,000 returning it to the range that's capped it since June.
Why it matters: $1.14 billion in short positions liquidated in a single hour as Bitcoin pushed 9.3% higher on the week, wiping out 112,004 leveraged traders. The rally coincides with two Wednesday catalysts: Trump's White House sitdown with crypto executives and regulators, plus Fed July minutes landing with rate-hike odds already pared from 80%.
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