Bitcoin's $63K Reclaim Liquidates $540M in Crypto Shorts, a 7-Week High
Bitcoin rebounded over the weekend to about $63,800 after briefly falling to $59,353, triggering a large short squeeze. The move liquidated roughly $539 million in crypto shorts on Sunday and more than $588 million across the past 24 hours, with shorts making up most of that total. Open interest fell sharply from Friday’s peak, suggesting many short positions were closed as price rose. Broader markets also weakened: the S&P 500 fell Friday and South Korea’s KOSPI triggered a circuit breaker on Monday, reflecting risk-off sentiment tied to macro and Middle East developments. Despite the bounce, sentiment remains bearish. The Crypto Fear and Greed index is at 8, U.S. Bitcoin demand is still weak, Coinbase’s premium remains negative, and spot Bitcoin ETFs saw $1.72 billion in outflows last week. Bitcoin also stayed below its 200-day moving average, which is often seen as a sign of deteriorating long-term trend.
