Crypto
Long Squeeze Takes Hold as Bitcoin Sees Brief Dip Below $80,000
A sudden shift in Bitcoin's price action has transformed a short squeeze into a long squeeze, according to recent data from CryptoRank.
The largest cryptocurrency briefly dipped below $78,000 before recovering above $79,000 as of press time, with traders taking profits after a sharp rally driven by Treasury developments and ETF inflows.
CryptoQuant data showed spot and futures demand have been rising together, with total Bitcoin demand increasing by about 170,000 BTC over the past 30 days.