Bitcoin Nears $62K As Short Squeeze Fuels Ether And Solana Rally

Bitcoin pushed toward $61,600, up 2.7% for the week, in its strongest stretch since mid June.

Ether jumped 4.3% in a day to around $1,707, gaining nearly 10% weekly, while solana surged 18.6% over the week to near $80, leading the majors.

Traders betting against the market lost $281 million to liquidations in 24 hours, almost double the $159 million lost by bullish traders, out of $440 million wiped out overall. The biggest single loss was an $18.2 million ether position, with ether liquidations actually topping bitcoin’s for the day.

Weak Jobs Data And Steadier Stocks Helped

Softer than expected US hiring numbers cooled expectations for another rate hike, weakening the dollar and lifting gold. Asian stocks bounced back too, with South Korea’s market climbing sharply after reports that a major chipmaker may build custom AI hardware for an AI company.

Will The Rally Hold?

Forced short-covering moves prices fast but doesn’t guarantee lasting demand. Bitcoin ETFs are still seeing heavy monthly outflows, and thinner market liquidity could cut either way.