Bitcoin hit an intraday high of $69,749 and was recently trading near $68,689, up 9.3% on the week. CoinGlass data shows $1.14 billion in short positions were wiped out across the crypto market in just one hour, with Bitcoin alone accounting for $677.64 million. Ethereum represents $422.90 million of those hourly liquidations, with the remainder spread across other assets. This wave of forced buybacks constitutes a classic short squeeze, amplifying the rally as traders forced to cover their positions fuel further buying pressure. The move comes hours ahead of a White House meeting between President Trump, representatives from Coinbase, Ripple, and Kalshi, along with the heads of the SEC and CFTC.
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