Bitcoin Short Squeeze Sends BTC Toward $71,000 After $2.74B Liquidation Wave
- Short liquidations of $2.74 billion fueled Bitcoin’s surge toward $71,000.
- Bitcoin led liquidations with $1.42 billion, followed by Ethereum at $1.13 billion.
- BTC must hold $67,200 to prove demand extends beyond the short squeeze.
Bitcoin surged toward $71,000 after a record short-liquidation wave forced bearish traders out of leveraged positions, turning a rebound into one of the market’s biggest short squeezes.
The move followed nearly $2.99 billion in total crypto liquidations over 24 hours, with short positions making up $2.74 billion, or about 92% of the total. Bitcoin led the total loss with around $1.42 billion in liquidations, while Ethereum followed with about $1.13 billion.
Did Short Liquidations Drive Bitcoin Toward $71,000?
The liquidation data shows short covering played a major role in Bitcoin’s move toward $71,000. Short traders profit w…
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