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$526M in BTC short positions were liquidated within 24 hours
Bitcoin moved from $74K to $78K, showing characteristics often associated with a short squeeze.
At 13:00 UTC, a single spike accounted for $357M in short liquidations.
Key point: the upward movement appears to have been driven largely by the forced closing of short positions rather than new buying activity.
Such squeezes can push prices up quickly, but they don’t necessarily indicate long-term demand strength.
$BTC