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Bitcoin experienced significant fluctuations over several days, stabilizing around $58,000 after a major sell-off coinciding with record outflows from U.S. spot ETFs. The cryptocurrency then surged, reaching highs of $64,000, driven by a series of short squeezes that liquidated approximately $128 million worth of short positions in cryptocurrencies. Notable spikes in Bitcoin's price were reported, with rapid increases to $62,900 and $63,000, and eventually peaking at $64,000. Data from CoinGlass highlighted that nearly $100 million in short positions were liquidated within a 24-hour period, contributing to the volatility. Additionally, there were reports of $11 billion worth of Bitcoin shorts set to be liquidated if prices reached $70,000.
