Bitcoin Surges Toward $70K as $1.14 Billion in Crypto Shorts Get Rekt in an Hour

In brief

• Bitcoin jumped as much as 9.3% this week, hitting an intraday high of $69,749 and trading near $68,689, up sharply from the week's open at $62,832.
• CoinGlass's Total Liquidations panel shows $1.14 billion in short positions wiped out across crypto in the last hour, with Bitcoin alone accounting for $677.64 million of the hour's liquidations.
• The rally comes hours ahead of a White House meeting between President Trump, crypto executives, and top regulators, plus the Federal Reserve's July meeting minutes, both due Wednesday.

Bitcoin is barreling toward $70,000 again. The largest crypto by market cap touched an intraday high of $69,749 Wednesday and was recently trading near $68,689, up 9.3% on the week per Bitcoin price data on Bitstamp.

The gain extends a recovery that has now pulled Bitcoin roughly 19% off the $57,735 swing low marked on the chart, though it remains well below the record above $126,000 set in October 2025.

The rally is running over a pile of dead short positions. CoinGlass's Total Liquidations panel shows $1.14 billion in short bets wiped out across the crypto market in the last hour, out of $1.22 billion in total liquidations for the period. Bitcoin accounts for $677.64 million of that hourly figure on CoinGlass's heatmap, with Ethereum ($422.90 million) and Solana ($37.88 million) making up most of the rest.