Bitcoin Surges Past $77,000, Triggers Short Squeeze

The global cryptocurrency market is experiencing a significant surge, with the total market capitalization increasing by nearly 3% over the past 24 hours. Bitcoin (BTC) has breached the $77,000 mark for the first time in 11 weeks, causing a stir among traders and investors.

Data from CoinGlass shows that more than 164,835 traders were liquidated in the last 24 hours, with total liquidations reaching $747.81 million. However, the majority of these liquidations - over 78% - were short bets, totaling more than $585 million. This indicates that a significant number of traders had bet against Bitcoin's price, but were forced to cover their positions as the price rose.

The rally has also triggered a short squeeze, with bears bleeding as they were forced to buy back their short positions at higher prices. This has led to increased volatility in the market, with many traders holding onto their positions cautiously.