Bitcoin Nears $75,000 as Short Liquidations Top $4 Billion

Bitcoin surged to just under $75,000 during Asian trading on Friday, extending a sharp rally that has pushed the world’s largest cryptocurrency nearly 8% higher in 24 hours and almost 18% over the past week. Bitcoin briefly climbed above $75,500 overnight after trading near $64,100 only two days earlier.

The rapid Bitcoin price rally triggered another wave of losses for bearish traders. According to CoinGlass, approximately $1 billion in short positions were liquidated over the past 24 hours, accounting for most of the $1.23 billion in total crypto liquidations across more than 140,000 traders.

The latest losses followed Thursday’s massive short squeeze, when roughly $3 billion in bearish crypto positions were wiped out, marking the largest single-day liquidation event since records began in 2021. Combined short liquidations over the past two days have now exceeded $4 billion. The largest individual liquidation in the latest session was a $25.13 million Bitcoin position on Hyperliquid.

A liquidation occurs when leveraged traders cannot cover mounting losses and an exchange automatically closes their positions. As traders betting against Bitcoin were forced to buy back their positions, the resulting demand added further momentum to the rally and created a cascade of additional liquidations.

Other major cryptocurrencies also moved higher. Hyperliquid’s HYPE gained more than 4% to nearly $73 and was up almost 27% for the week. Ether climbed nearly 5% to $2,350, while Dogecoin and Solana posted strong daily gains. BNB rose around 6% to $660, while Tron showed more modest movement.

The broader crypto market rally began gaining momentum after the U.S. Treasury doubled the size of its long-end bond buybacks from $2 billion to $4 billion per operation, improving market liquidity and supporting demand for risk assets.

Bitcoin also broke above key resistance near $66,600, fueling expectations that prices could continue toward $76,000. Additional support came after President Donald Trump urged Congress to advance the Digital Asset Market Clarity Act.

Bitcoin’s market capitalization now stands near $1.5 trillion, although the cryptocurrency remains about 40% below its record high above $126,000 reached last October.