Bitcoin Surges Over 24% in a Single Week, Marking Best Weekly Candle in Recent Years; $2.7 Billion in Shorts Liquidated…

Markets had widely expected prices to fall, with leveraged short positions accumulating. Following shifts in policy signals and macro liquidity expectations, shorts were forced to cover, creating a self-reinforcing upward cycle.

Author: Claude, TechFlow

TechFlow Summary: This week, Bitcoin's price rose over 24%, breaking through $78,000 and marking its best single-week performance since March 2024. The rally accelerated following a series of crypto-friendly signals from Washington and was further fueled by short squeezes. Data from CoinGlass shows that approximately $2.74 billion in cryptocurrency short positions were liquidated within 24 hours, marking the largest short liquidation event recorded on the platform since 2021. The current rally is driven by a combination of factors: the SEC's token issuance exemption proposal, progress on the CLARITY Act, Trump singling out Hyperliquid, and the Treasury Department's expansion of long-term Treasury bond buybacks.

This week, Bitcoin rallied from the ~$63,000 range, reaching a high near $79,500 before closing above $77,000 on the weekly chart, posting a gain of over 24%. Multiple data sources confirm this marks its strongest week since March 2024, and under some metrics, it ranks among the largest absolute percentage gains for a single week in recent years.