Short Squeeze Fuels Bitcoin Price Surge to $79,002

Bitcoin's price has surged to $79,002.41, driven by a violent short squeeze that began after a Treasury buyback triggered forced unwinds from traders who had bet on a low price.

The move is less about steady accumulation and more about these forced repositionings, according to data. The daily RSI14 reads 80.55, which is deep in overbought territory.

A Treasury buyback blew up trades positioned for Bitcoin to stay below $67,000, Fortune reported. Bloomberg noted that the price has touched a three-month high of $80,000, while CNBC flagged the biggest three-day rally since 2023.

The Fear & Greed Index sits at 65, indicating warm sentiment but not yet extreme levels. Bitcoin's dominance is 59.25% of a roughly $2.665 trillion market cap.