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Bitcoin surges toward $79,400 as weekly rally strengthens

Short liquidations cooled to $1.24 billion over the past 24 hours, down from $3.3 billion on Wednesday, while bitcoin climbed five straight days.

Reported · Written up by our desk · Market Structure

Bitcoin surged to as high as $79,400 on Friday and is up nearly 24% since Monday, putting it on track for its strongest weekly gain since March 2023, according to CoinDesk and its data.

The report said derivatives liquidations have eased, with $1.24 billion wiped out over the past 24 hours, down 62% from Wednesday's $3.3 billion. Shorts still represent $1.06 billion of the total liquidations, while derivatives positioning and rising open interest point to renewed exposure being rebuilt.

CoinDesk also cited spot demand signals from CryptoQuant as supportive of further upside. It said bitcoin is climbing for five straight days and has moved above the $76,000 level implied by an inverse head-and-shoulders pattern formed after June lows.

As bitcoin dominance rose to 59.9%, the Altcoin Season index fell to 33 from 36, though several tokens outpaced BTC during the move. ENA rose 13% since midnight, ZEC gained 12.5%, and Chainlink climbed to $11.56, up about 32% on the week, as traders chased the broader rally.

Latest closeBitcoin $77,298.59 ▲5.8%

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