Bitcoin’s Price Surges Back Above $108,000 as Shorts Take a Hit
Bitcoin has powered through the $108,000 level, continuing its weekly uptrend with a 5.5% gain and pushing its market capitalization to $2.15 trillion.
The move comes despite a 20% drop in 24-hour trading volume, now at $30 billion, suggesting strong spot momentum is carrying the rally.
Market-wide liquidations totaled $19.09 million over the past 24 hours, with short positions accounting for nearly all of it—$18.84 million—while long liquidations remained minimal at just $252,000. The imbalance highlights increasing pressure on bears as prices climb.
The total crypto market cap rose 0.81% to reach $3.32 trillion, supported by strong performance across major assets. Ethereum followed Bitcoin’s lead, rising 8.7% over the past week to $2,460, though its volume dropped sharply by 35.6% to $7.7 billion in the last 24 hours.
In the altcoin space, Pudgy Penguins (PENGU) stood out as the top gainer. The memecoin jumped 10.9% on the day and has soared 59% over the past week, with a market cap now sitting at $833 million and daily volume reaching $640 million.
With short liquidations rising and key assets maintaining momentum despite lighter trading volumes, the broader crypto market appears to be firmly in risk-on mode heading into the new week.
The 1-day techical analysis from TradingView also shows the bullish sentiment – the summary and oscillators show “buy” with 15 and 2 signals, respectively, hile moving averages point to “strong buy” with 13.
Alex is an experienced financial journalist and cryptocurrency enthusiast. With over 8 years of experience covering the crypto, blockchain, and fintech industries, he is well-versed in the complex and ever-evolving world of digital assets. His insightful and thought-provoking articles provide readers with a clear picture of the latest developments and trends in the market. His approach allows him to break down complex ideas into accessible and in-depth content. Follow his publications to stay up to date with the most important trends and topics.
