Bitcoin has climbed above $74,000 amid a sharp squeeze on bearish traders, with $115 million in short positions liquidated within a single hour, according to data from Coinglass.
The rapid liquidation of short positions suggests forced selling by leveraged traders betting on further price declines, a technical dynamic that typically accelerates upward momentum as positions are closed at market prices. The scale of liquidations—concentrated in just 60 minutes—indicates heightened volatility and aggressive buying pressure pushing the world's largest cryptocurrency higher.
Source:coinglass.com