Bitcoin (BTC) Price Jumps Above $66,000, Reaching Highest Level Since Mid-June

The price of Bitcoin (BTC) is currently 4.7% up in the past 24 hours as buyers hover around $66,670. Meanwhile, Ethereum (ETH) has climbed above $3,500

Bitcoin price today: Bitcoin (BTC) price saw a strong surge in the past 24 hours to trade above $66,000 (roughly Rs. 49.2 lakhs) on Friday, as the cryptocurrency market showed signs of recovery from the recent downturn. BTC price surged by 4.7% over the past day, while gains were also seen across the broader cryptocurrency market. Ethereum price today rose by 3% to trade above $3,500 (roughly Rs. 2.6 lakhs), while Solana price saw gains of 8% to reach above $170 (roughly Rs. 12,700).

Other altcoins also traded in the green, with BNB price rising by 4.9%, Dogecoin price gaining 4.5%, and Cardano price moving up by 3%.Memecoins also saw gains, with Shiba Inu price rising by 3% to trade above $0.00003 (roughly Rs. 0.0022) and Dogecoin price gaining 4.5% to reach above $0.31 (roughly Rs. 23).

The gains in the cryptocurrency market came despite a global IT outage on Friday that caused major disruptions.airlines and banks were among the worst hit by the outage, which was caused by a software update by cybersecurity giant CrowdStrike.

However, the outage also seemed to be having a positive impact on Bitcoin. As the widespread cyber outages spotlighted Bitcoin's strengths, the market seemed to be taking cues for a fresh rebound, several analysts noted. The space also witnessed a huge surge in spot ETF volume.

Bitcoin price today showed strong bullish momentum, reaching highs of $66,823 (roughly Rs. 49.6 lakhs) during the day. At the time of writing, BTC price was trading at $66,663 (roughly Rs. 49.2 lakhs) on the Binance exchange.

Shorts feel pain as Bitcoin price surges

The surge in prices had shorts obliterated. The past hour, as at 14:24 ET on Friday, has for instance seen over $6 million BTC shorts liquidated – compared to just $79,700 in long positions.

Data shows liquidations in the past four hours have seen bearish bitcoin bets worth over $12 million liquidated compared to around $1.6 million longs.

In the broader market, over $30 million shorts have been liquidated in the past four hours. This outpaces long liquidations by a wide margin as only $5.3 million in long positions have been rekt in this period.

On Thursday, analysts at Santiment had noted a surge in short positions in the bitcoin market, with BTC price hovering below $63,000 (roughly Rs. 47 lakhs). As BTC price rose to above $66,800, the liquidations also mounted.