World · Market · Global ·
Bitcoin extends 7-day rally to 25%, hits $80K amid short squeeze
Bitcoin rose from around $62,000 to cross $80,000 for the first time since May over a seven-day period, extending its weekly gain to approximately 25%. The rally was fueled by a sharp collapse in futures open interest and subdued funding rates, indicating a structural short squeeze rather than leverage-driven buying.
Why it matters for the crypto market
A 25% move in Bitcoin is a major market event. The short squeeze mechanism and Treasury policy backdrop suggest the rally's sustainability matters for broader crypto market direction and ETF inflows.
Source: CoinDesk
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