Short Squeeze Sends Bitcoin Price to $79,002.41

Bitcoin's price has surged to $79,002.41, just shy of the closely watched $80,000 level. The rally is being driven by a violent short squeeze, triggered by a Treasury buyback that caught traders off guard.

According to Fortune, traders who had bet on Bitcoin staying below $67,000 were squeezed out after the Treasury buyback. This has led to a forced unwind of positions, rather than steady accumulation.

The daily chart shows a stacked bullish arrangement, with price trading well above shorter-term moving averages. However, the Relative Strength Index (RSI) is deep in overbought territory at 80.55, suggesting that the move may be unsustainable.