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Crypto

Binance-Driven Short Squeeze Fuels Bitcoin Rally

Guavy AI Editorial Team
Instruments
BTC BNB
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A recent analysis by CryptoQuant suggests that Bitcoin's price increase this week was largely driven by a short squeeze in Binance futures, rather than by purchases in the spot market.

According to BorisD, a CryptoQuant analyst, the rise in Bitcoin's price was sustained by liquidations of short positions on Binance. This led to forced buying as short positions were closed, contributing significantly to the rally.

The analyst pointed out that Binance's Short Squeeze indicator rose to 6.94, its highest level since November 2024. However, BorisD also warned that Bitcoin could face a pullback if spot demand fails to take over once the squeeze loses momentum.

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