Bitcoin Shoots Past $60K for the First Time in 2 Weeks, Liquidating Over $100M in Shorts

Bitcoin Surges Past $60,000, Altcoins Follow Suit

Bitcoin's value has increased by over $7,000 in the past week, reaching a high of $60,000 for the first time since August.

Altcoins have also seen significant gains, with Ethereum (ETH) rising above $2,400, Chainlink (LINK) surging by 6%, and meme coins continuing their upward trend.

Bitcoin's Recovery

Last Friday, Bitcoin experienced a sharp drop from over $57,000 to $52,500 within hours. Experts attributed this decline to macroeconomic factors and increased outflows from Bitcoin ETFs.

However, the cryptocurrency has since regained ground, with a notable surge occurring last Friday evening when it reached a 16-day high of over $60,500.

Factors Driving the Surge

The recent surge in Bitcoin's value is attributed to a reversal in ETF trends and MicroStrategy's announcement of a significant Bitcoin purchase.

Altcoin Market

The altcoin market has also seen substantial gains, with ETH, DOGE, XRP, TON, AVAX, SHIB, and LINK among the top performers. Some meme coins, such as PEPE, have risen by over 7% in a single day.

Liquidated Positions

The total value of liquidated positions has reached nearly $130 million within 24 hours. Approximately 80% of these positions were short positions, indicating that over $100 million in bearish traders have been liquidated.