On July 7, Bitcoin broke through the $63,000 resistance level without warning, currently trading at $64,159; Ethereum surged to the $1,800 mark. According to CoinGlass data, total liquidations across the network reached $160 million in the past 4 hours, with short liquidations accounting for $112 million; 24-hour total liquidations reached $392.17 million, with 85,940 traders liquidated.
July 7 Market Movement: BTC Breaks $64,000, ETH Hits $1,800
In the early hours of July 7, 2026, Taiwan time, the crypto market suddenly saw strong buying pressure, with Bitcoin (BTC) breaking through the key resistance of $63,000 and currently trading at $64,159; Ethereum (ETH) quickly followed, surging to the $1,800 mark. BTC's 24-hour gain is approximately 1.7%, with a 7-day cumulative gain of over 6%, marking the highest point in nearly two weeks.
This sharp rise directly triggered dense short stop-loss orders above, causing a chain of forced liquidations known as a "short squeeze," resulting in significant losses for short-term bears.
CoinGlass Liquidation Data: $160 Million in 4 Hours, $392 Million in 24 Hours
According to CoinGlass data, the derivatives liquidation data for this move is as follows:
Total liquidations in the past 4 hours: $160 million; short liquidations accounted for $112 million, representing 70% (a typical short squeeze, where bearish liquidations fuel bullish upward momentum).
24-hour total liquidations: $392.17 million (approximately NT$12.7 billion).
Number of liquidated traders: 85,940 (over 85,000 contract traders liquidated in 24 hours).
Largest single liquidation: $7.6 million, occurring on Binance's ETHUSDT perpetual contract.
TeraWulf Stock (WULF) Up 14%: Anthropic 20-Year Data Center Lease Agreement
Bitcoin miner TeraWulf (WULF) stock rose nearly 14% between July 6 and 7, 2026, with the latest trading price at $24.05, triggered by its data center lease agreement with Anthropic – a 20-year deal expected to generate approximately $19 billion in revenue; TeraWulf also announced it would sell a partial stake in another Texas data center project.
This news also drove other Bitcoin miner stocks higher, indicating positive market reception of miners transitioning to AI computing.
Frequently Asked Questions
What directly caused Bitcoin to break $64,000, and how does the short squeeze work?
According to CoinGlass data, this move broke the $63,000 resistance level without warning, triggering dense short stop-loss orders above, forming a chain of forced liquidations in a short-term "short squeeze": buy orders from bears being liquidated become fuel for bulls to continue pushing higher, amplifying both gains and liquidation volume.
Why did TeraWulf sign this data center lease agreement with Anthropic now?
According to reports, TeraWulf is actively expanding its business from Bitcoin mining into AI computing; this 20-year lease agreement with Anthropic is expected to generate approximately $19 billion in revenue, causing TeraWulf (WULF) stock to rise nearly 14% after the announcement, reflecting positive market sentiment toward miners transitioning to AI computing.
What are the specific bases for Bernstein's Bitcoin price target statement?
According to Bernstein analysts, their maintained year-end Bitcoin price target of $150,000 is primarily supported by: Strategy remaining a net buyer in the market (with approximately 17 months of dollar reserve coverage), and potential regulatory clarity (Polymarket shows about a 50% probability of the Clarity Act passing by year-end). The above represents the personal views of Bernstein analysts and does not constitute investment advice.
