Bitcoin Squeezes Past $68K Amid $1B Short Liquidations
Bitcoin's price surged past $68,000 late Wednesday as a sudden short squeeze forced traders to buy back their positions. The price jump was rapid, with Bitcoin rising from below $65,000 to nearly $69,500 in just one minute.
A total of over $1 billion in crypto shorts were reportedly liquidated within that hour, adding fuel to the upward momentum. According to market analyst Daan Crypto Trades, this represented a 'massive squeeze' after Bitcoin crossed the $67,000 liquidation cluster.
The break above the crowded liquidation levels near $65,400 is seen as a bullish signal, with many expecting further gains in the short term. However, some analysts warn of potential profit-taking or a retest of the breakout zone, given the overbought RSI reading and rejection near the 200-day average.