Ether and Solana Lead Crypto Rally as Short Squeeze Pushes Bitcoin Near $62K

A short squeeze on bearish traders propelled bitcoin toward $62,000 on Friday, capping the crypto market's strongest week since mid-June. Ether and solana led the rally, with solana posting an 18.6% weekly gain, the best among major cryptocurrencies.

Bitcoin traded around $61,360, up 2.5% over the past seven days, according to CoinDesk data. Ether rose 4.2% in 24 hours to approximately $1,702 and gained 9.7% on the week. Solana held near $80 with a weekly gain of 18.6%, while XRP added 5.7% over the week to $1.09. Hyperliquid's HYPE token rose 5.1% on the day. The rally was fueled by $281 million in short liquidations over the past 24 hours, against $159 million in longs, out of $440 million in total forced closures across 95,690 traders, according to Coinglass. This imbalance indicates that bearish bets were caught off guard as prices surged, forcing traders to buy back assets to cover positions, which amplified the upward move.

For cryptocurrency traders, the short squeeze highlights the persistent risk of betting against a market that remains sensitive to sudden shifts in sentiment. The sharp move in bitcoin and altcoins can be tracked in real time on NowPrice's live crypto dashboard, which provides up-to-the-minute price data and liquidation metrics. The rally also reflects broader risk-on appetite, with traders watching for any catalyst that could sustain momentum. Key levels to watch include bitcoin's ability to hold above $60,000 and whether ether can break through resistance near $1,750. On the macro front, upcoming US jobs data and Federal Reserve commentary could influence risk asset flows, as lower interest rates tend to boost speculative assets like cryptocurrencies.