Bitcoin Surges Past $77K on Massive Short Squeeze

Bitcoin's price surged to over $77,000 after a short squeeze of approximately $1.5 billion in crypto positions was recorded across 178,777 traders in 24 hours.

The token climbed 7.9% over 24 hours and briefly touched an intraday high of $79,320 before settling near $77,137.

The surge was fueled by a combination of bullish regulatory sentiment, including President Trump's endorsement of the Clarity Act, efforts to regulate Hyperliquid, and a large short squeeze forcing short sellers to liquidate.

According to CoinGlass data, roughly $1.21 billion in short positions were liquidated during this period, with the single largest liquidation being a $23.59 million Bitcoin position wiped out on Hyperliquid.