Bitcoin moved above $71,000, ending a six-week stretch of price compression. According to CoinDesk, the breakout triggered roughly $3 billion in short liquidations, making it the largest wipeout of bearish positions since at least 2021. Those traders were forced to buy back into a market with thin supply, a setup that amplified the move as the range finally gave way. The report ties the rally directly to the end of the six-week squeeze and the scale of forced short covering that followed.
Bitcoin climbed past $71,000, breaking out of a six-week trading range.
According to CoinDesk, the move brought the largest short liquidation since at least 2021, with about $3 billion in bearish positions forced to buy back into thin supply.
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