Bitcoin climbed to its highest price since mid-June on Wednesday, trading just above $67,000. The move caps a sharp reversal from last week, when BTC dipped below $63,000 before recovering over the weekend. Ethereum also broke past $2,000 for the first time in months, nearing $2,100, while XRP reclaimed the $1 level.
A sharp turnaround
Bitcoin's path here wasn't smooth. At the end of the previous business week, the price slid under $63,000. It spent the weekend clawing back to that level, then showed revival signs on Monday and Tuesday. But the current jump is the most impressive in months — a single push that took BTC from the mid-$60,000s to above $67,000.
The recovery has been broad. Ethereum's move past $2,000 marks its first time above that threshold in months, and it's now closing in on $2,100. XRP, which dipped below the key $1 support on a couple of occasions last week, has rebounded above it.
Liquidations pile up
The rally came with a cost for leveraged traders. Data from CoinGlass shows $1.2 billion worth of leveraged positions were liquidated in the past hour alone. Shorts accounted for $1.14 billion of that total — a clear sign that many traders bet against the move and got caught off guard.
That kind of short squeeze can feed on itself. As prices rise, forced buybacks from liquidated shorts add more upward pressure, which in turn triggers further liquidations. The $1.2 billion figure is a snapshot, but it's a big one.
Bitcoin's ability to hold above $67,000 will be the immediate test. The last time it traded at these levels was mid-June, and that area could bring fresh selling from holders who've been waiting to exit. Ethereum's push toward $2,100 and XRP's hold above $1 are also worth watching — both have been volatile lately.
For now, the market is moving in one direction, and the shorts are feeling it.
