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

Bitcoin has risen in value by more than $7,000 over the last week, and earlier today it surpassed $60,000 for the first time since late August.

Altcoins are also doing well, with ETH surpassing $2,400 and LINK surging 6%, with some meme coins also seeing further gains.

CryptoPotato We reported on the massive crash last Friday when Bitcoin plummeted from over $57,000 to $52,500 in a matter of hours. At the time, most experts blamed it on macroeconomic factors and increased net outflows from the Spot Bitcoin ETF.

However, over the next seven days, the cryptocurrency began to recover somewhat, and even Wednesday's CPI data couldn't keep the cryptocurrency down for long.

The bulls’ most notable rally came on Friday night, one week after the aforementioned disaster, when Bitcoin surged to a 16-day high of more than $60,500.

Despite losing some momentum since then, the asset is still above the coveted $60,000 mark, meaning it has risen by more than 12% in the past week. This massive rally came not only amid a trend change in ETFs, but also following the announcement of MicroStrategy's latest large-scale BTC purchase.

The altcoin space saw significant gains in ETH (3%), DOGE (4.5%), XRP (2.5%), TON (4%), AVAX (3.5%), SHIB (4%), LINK (6%), etc. Some meme coins such as PEPE have risen by over 7% in the past day.

The total value of liquidated positions rose to about $130 million per day, and with 80% of those positions being short positions, according to CoinGlass, that means more than $100 million in losses for bearish traders.