Trader's Short Squeeze Pushes Bitcoin Past $71k

BTC has broken through the $71k barrier as a trader known for their market influence reduced their short positions. @Jason60704294 trimmed 419.62 BTC and 9969.37 ETH from shorts, leaving behind a significant position that still carries over 2.64 million in floating losses after the stop-loss at $70,400 was triggered.

The current price action is at $71,843.26 on the 4-hour chart, within a bullish structure supported by EMA50 and EMA200 acting as long-term support. Momentum indicators show RSI at 89.06 in overbought territory and MACD at 1702.58 confirming a golden cross.

However, the market is currently testing upper Bollinger resistance at $70,981.71. With RSI flashing overbought signals, a healthy retracement to the 50-EMA support at $65,107.47 seems probable before further continuation.