Bitcoin Price Surges 2.68% Amid Short Squeeze and Regulatory Support

Bitcoin's price surge continued into the next day, rising by 2.68% to reach $77,271.75 in just 24 hours.

The boost in value was largely attributed to improved U.S. liquidity and supportive crypto regulation, which lifted market sentiment and led to a short squeeze.

According to data, more than $1.2 billion in Bitcoin short positions were liquidated as traders scrambled to cover their losses, further fueling the price increase.

The inflow of funds into U.S. spot Bitcoin ETFs also played a significant role, with an additional $606.29 million being added on August 20, putting more buying pressure on the market.