Bitcoin hit nearly $64,000 early Monday, touching $63,900 on CoinGecko. The weekend rally wiped out hundreds of millions in short positions.
The move marks a sharp reversal from the $58,293 low on July 1. A weak jobs report changed the narrative. The US economy added just 57,000 jobs in June — way below expectations. That lowered the odds of a Fed rate hike, and Bitcoin took off.
Lower Treasury yields and a weaker dollar helped too. Spot Bitcoin ETFs added momentum after snapping a 10-day outflow streak, though they’re still recovering from June’s record $4.5 billion in redemptions.
Traders lost over $450 million in short positions as BTC broke through $62,000. Forced buybacks pushed the price higher, triggering another wave of liquidations. Classic squeeze dynamics.
Ether rose 4% on the day and about 10% for the week. Solana added nearly 19%, the strongest gain among majors.
Question is whether this squeeze becomes a real trend. Forced covering produces fast moves, not sustained demand. Q3 liquidity is thinner, which could amplify moves in either direction.
