Bitcoin Squeezes Shorts, Surges Towards $70K on $1B Liquidation Day
Bitcoin's price surged towards $70,000 on Wednesday, reaching an intraday high of $69,749. This marks a significant recovery from its swing low of $57,735 and puts it well below its record high of over $126,000 set in October.
The rally is being driven by the liquidation of short positions, with CoinGlass's Total Liquidations panel showing $1.14 billion in shorts wiped out across the crypto market in just one hour. Bitcoin accounts for $677.64 million of this total, with Ethereum and Solana making up most of the rest.
This is a classic example of a short squeeze, where traders who bet against Bitcoin's price are being forced to buy back at a loss, pushing prices higher. The mechanic has become a familiar pattern in 2026's choppy bear-market rallies.