Bitcoin pushed to its strongest level in two weeks, nearing $62,000, as a massive short squeeze triggered $281 million in bearish trader liquidations over the past 24 hours — nearly double the amount of long positions liquidated. The move marked a sharp reversal for the largest cryptocurrency, which had been under pressure in recent sessions.
Ether surged nearly 10% over the past week, while solana jumped almost 19%, outpacing bitcoin's gains. The rally coincided with a rebound in tech stocks, which eased headwinds from the artificial intelligence trade that had weighed on risk assets. Market participants pointed to a cascading effect as short sellers scrambled to cover positions across major tokens.
The squeeze pushed bitcoin to its highest level in a fortnight, though gains appeared to moderate as the session progressed. Analysts warned that the move could be fragile if broader equity markets rotate away from risk-on bets again. The liquidations represented a sharp spike in volatility, with total long and short unwindings exceeding $400 million.
Some traders remain cautious, arguing that the rally was largely technical and driven by forced buying rather than fresh institutional demand. If equity markets reverse course, crypto could face renewed selling pressure, potentially unwinding these gains just as quickly as they materialized.