Bitcoin has powered through the $108,000 level, continuing its weekly uptrend with a 5.5% gain and pushing its market capitalization to $2.15 trillion.
The move comes despite a 20% drop in 24-hour trading volume, now at $30 billion, suggesting strong spot momentum is carrying the rally.
Market-wide liquidations totaled $19.09 million over the past 24 hours, with short positions accounting for nearly all of it—$18.84 million—while long liquidations remained minimal at just $252,000. The imbalance highlights increasing pressure on bears as prices climb.
The total crypto market cap rose 0.81% to reach $3.32 trillion, supported by strong performance across major assets. Ethereum followed Bitcoin’s lead, rising 8.7% over the past week to $2,460, though its volume dropped sharply by 35.6% to $7.7 billion in the last 24 hours.
In the altcoin space, Pudgy Penguins (PENGU) stood out as the top gainer. The memecoin jumped 10.9% on the day and has soared 59% over the past week, with a market cap now sitting at $833 million and daily volume reaching $640 million.
With short liquidations rising and key assets maintaining momentum despite lighter trading volumes, the broader crypto market appears to be firmly in risk-on mode heading into the new week.
The 1-day techical analysis from TradingView also shows the bullish sentiment – the summary and oscillators show “buy” with 15 and 2 signals, respectively, hile moving averages point to “strong buy” with 13.
Alexander Stefanov
Reporter at Coindoo
Alex is an experienced finance journalist and a cryptocurrency and blockchain enthusiast. With over 8 years of experience covering the crypto, blockchain and fintech industries, he deeply understands the complex and constantly evolving world of digital assets. His insightful and thought-provoking articles provide readers with a clear picture of the latest developments and trends in the market. His passionate approach allows him to break down complex ideas into accessible and insightful content. Follow up on his content to be up to date with the most important trends and topics.
Source: https://coindoo.com/bitcoins-price-surges-back-above-108000-as-shorts-take-a-hit/