Bitcoin extended its rally, climbing 7.9% over a 24-hour period to change hands around $77,137 according to CoinGecko data. The cryptocurrency touched an intraday high of $79,320, capping a weekly gain of 23.2% while remaining down about 31.8% from a year ago.
The upward price movement triggered a short squeeze, punishing traders who had bet against the market. CoinGlass data revealed roughly $1.5 billion in total cryptocurrency liquidations across 178,777 traders during a 24-hour window, with short positions accounting for approximately $1.21 billion of that total.
Bitcoin alone contributed about $17.25 million in liquidations on the one-hour heatmap. The single largest liquidation order recorded over the 24-hour period was a $23.59 million Bitcoin position wiped out on the Hyperliquid exchange. The dynamic reflects a classic short squeeze, where rising prices force bearish traders to repurchase positions, further driving up the price.
The broader market rebound follows a week of favorable sentiment and headlines out of Washington. President Donald Trump expressed support for the crypto market-structure Clarity Act at a White House gathering and indicated that regulators are working to bring the offshore perpetual-futures exchange Hyperliquid onshore.
Other major digital assets, including Ethereum and Solana, advanced alongside Bitcoin. Bitcoin's market capitalization hovered near $1.55 trillion, with 24-hour trading volume exceeding $69 billion.
