BTC Breaks $70K Barrier as Short Squeeze Unleashes $431M in Liquidations

Bitcoin has finally broken through the $65,000 barrier and is now trading above $71,900, up 11% in the last 24 hours. This upward move was not just a simple breakout, but also an indication of even more significant price action. As the price surged past $70,000, trapped short positions began to unwind, resulting in the largest squeeze since March.

According to CryptoQuant, short liquidations reached a staggering $431 million, with Bybit getting the lion's share of $193 million. Binance trailed closely behind with $178 million, while OKX recorded another $60 million. This magnitude of liquidation has been relatively subdued since March, making this burst unusually concentrated.

However, as the price rises due to forced buying from short liquidations, it also raises questions about what happens after the squeeze. With many bearish positions already cleared, holding above $70,000 increasingly depends on fresh demand replacing forced buying. Otherwise, Bitcoin could struggle to preserve the breakout once liquidation pressure fades.