Bitcoin has pushed past $74,000, trading as high as $75,527, as a four-day rebound forced more than $3 billion in bearish positions out of the crypto derivatives market.

BTC was changing hands near $74,695, up 7.8% over 24 hours and almost 20% above its weekly low of $62,525. CoinGlass liquidation data showed crypto short liquidations exceeding $3.1 billion across the August 19–20 surge, with Bitcoin accounting for more than half of the squeeze.

The acceleration builds directly on Bitcoin's move toward $70,000 a day earlier, when Ethereum jumped 18% and altcoins joined the rally. Bitcoin has since added another $5,000 at the highs, while total crypto market capitalization has climbed to roughly $2.61 trillion, up 6.7% over 24 hours.

$3 Billion Short Squeeze Accelerates Bitcoin's Breakout

The first leg higher followed the U.S. Treasury's decision to at least double long-duration liquidity-support buybacks, raising the maximum size of operations in the 10-to-30-year sectors from $2 billion to at least $4 billion beginning September 9. The buyback program, introduced in 2024 to improve trading liquidity in older, off-the-run Treasury securities, is the department's standing tool for steadying the long end of the bond market, and the larger cap scales that support up.

The announcement eased pressure across long-duration bonds and improved risk appetite just as Bitcoin pushed into heavily shorted price levels. Squeezes feed on themselves mechanically — exchanges forcibly close leveraged positions once margin runs out, and every closed short requires a purchase, which is why liquidation waves cluster into short, violent bursts. The resulting liquidation cascade added forced buying to an increasingly strong spot market, accelerating BTC through $70,000, $72,000 and eventually $75,000.

Bitcoin's 24-hour trading volume reached roughly $59.6 billion, while its market capitalization climbed toward $1.5 trillion. BTC dominance — Bitcoin's share of total crypto market capitalization — remained high at 57.3%, keeping Bitcoin firmly in control of the broader move even as capital spread into large-cap altcoins.

Ethereum, XRP and Solana Extend the Rally

Ethereum held above $2,340 after reaching $2,374, extending its seven-day gain to more than 24%. ETH entered the rebound with improving network activity, after new daily Ethereum addresses surged 75% in eight days.

Altcoin participation has strengthened considerably. XRP jumped about 20% in 24 hours to $1.31, briefly touching $1.34, while Solana advanced 5.6% to $89.22 and remained more than 17% higher over seven days.

The expanding breadth gives the rally a different profile from the Bitcoin-only rebounds seen earlier this year. Forced short covering provided the initial acceleration, but ETH, XRP, SOL and other large caps are now attracting enough buying to lift the entire crypto market alongside BTC.

White House Crypto Push Adds Policy Momentum

Washington has supplied another catalyst. President Donald Trump used this week's White House meeting with Coinbase, Kraken, Ripple, Robinhood, NYSE, Nasdaq and other industry leaders to press Congress for a "fair version" of the CLARITY Act, and said proposals for additional U.S. Bitcoin purchases had been discussed. The market-structure bill, which would split oversight of digital assets between the SEC and CFTC, cleared the House in July and now awaits Senate action.

The regulatory push has continued at the SEC, which this week proposed new crypto fundraising exemptions reaching $75 million annually.

Gold advocate Peter Schiff remained firmly on the other side of the trade, calling Bitcoin's move a "fakeout, not a breakout" and urging investors to switch from Bitcoin to gold.

Bitcoin was trading near $74,695 after reaching a 24-hour high of $75,527, its strongest level since early June. The rebound still leaves BTC well below the all-time high above $120,000 it set in July, after a drawdown that bottomed near $62,525 earlier this week. The next checkpoints are already on the calendar: the larger Treasury buyback operations begin September 9, and the CLARITY Act's next step sits with the Senate.