Bitcoin tops $60,000 for first time in two weeks, clearing more than $100 million in shorts

Bitcoin added more than seven thousand shares last week and broke above $60,000 for the first time since late August today.

Altcoins are also well in the green, with ETH surging past $2,400, LINK exploding 6%, and even more gains from some meme coins.

CryptoPotato reported on the substantial crash that occurred last Friday when BTC dropped from over $57,000 to $52,500 in hours. At the time, most experts blamed it on macroeconomic factors as well as increasing net outflows from local Bitcoin ETFs.

However, the cryptocurrency started to recover some ground in the subsequent seven-day period and even Wednesday’s CPI data could not keep it lower for long.

The bulls’ most notable rally came on Friday evening, a week after the aforementioned calamity, when bitcoin soared to a 16-day high of more than $60,500.

Although it has lost some traction since then, the asset is still above the coveted $60,000 line, meaning it has gained more than 12% in the past week. This massive increase came amid the trend reversal in ETFs, but also after MicroStrategy’s announcement of its latest massive BTC purchase.

Bitcoin/Price/Chart 14.09.2024. Source: TradingView

The altcoin space has seen impressive increases in ETH (3%), DOGE (4.5%), XRP (2.5%), TON (4%), AVAX (3.5%), SHIB ( 4%), LINK (6). %), and others. Some meme coins like PEPE are up more than 7% in the last day.

The total value of liquidated positions has increased to almost $130 million on a daily basis. With 80% of them coming from short positions, that means more than $100 million worth of bearish traders have been wiped out, according to CoinGlass.

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