Bitcoin Shorts Lose $431M as Price Squeezes Past $70K

Bitcoin's price surge past $70,000 has led to a massive unwind of short positions, resulting in the largest squeeze since March. The price of BTC rose by 11% in the last 24 hours, reaching a high of $71,900.

This is a significant development for Bitcoin, as it broke through the $65,000 barrier and surpassed its previous peak in early June. The short liquidations reached $431 million, with Bybit accounting for the majority of this amount at $193 million.

According to CryptoQuant, this surge in liquidations has contributed to the smooth rise past $65,000, as forced closures added market buys into an already rising price. However, the question now is what happens after the squeeze, as many bearish positions have been cleared and fresh demand will be needed to sustain the breakout.