Bitcoin just pushed above $70K.
But here’s the part I’m watching.
The rally wasn’t powered by spot buyers alone.
More than $2.7B in crypto shorts were liquidated as $BTC broke higher, turning bearish positioning into forced buying.
That creates a nasty feedback loop.
Price rises.
Shorts get squeezed.
Shorts buy back.
Price rises again.
The market starts chasing the move it was betting against.
And now — this is where it gets interesting.
BTC reached around $72.5K today, but daily RSI was already near 79, showing how overheated the move has become.
So I’m not reading $70K as “bull market confirmed.”
I’m reading it as a test.
Can spot demand keep BTC above the breakout zone after the forced buyers disappear?
Because short squeezes can start a rally.
They can’t prove the rally will last.
By month-end, that distinction will matter much more than the headline candle. #BTC
But here’s the part I’m watching.
The rally wasn’t powered by spot buyers alone.
More than $2.7B in crypto shorts were liquidated as $BTC broke higher, turning bearish positioning into forced buying.
That creates a nasty feedback loop.
Price rises.
Shorts get squeezed.
Shorts buy back.
Price rises again.
The market starts chasing the move it was betting against.
And now — this is where it gets interesting.
BTC reached around $72.5K today, but daily RSI was already near 79, showing how overheated the move has become.
So I’m not reading $70K as “bull market confirmed.”
I’m reading it as a test.
Can spot demand keep BTC above the breakout zone after the forced buyers disappear?
Because short squeezes can start a rally.
They can’t prove the rally will last.
By month-end, that distinction will matter much more than the headline candle. #BTC