$BTC This wave has surged to nearly 70,000; in one hour, a $1.14 billion short position was liquidated. On the surface, it looks like a White House crypto meeting layered with the Fed’s dovish signals—igniting the move. I’d rather see it as a chain of forced liquidations. CZ said the shorts haven’t been fully cleared yet—this reminder is crucial: the first wave of longs’ squeeze only pushed the price up to the doorstep, and the second batch of stop-losses may still be queuing. The problem is that volume didn’t keep up. Sentiment is high and the underlying basis is thin; chasing longs is likely to catch the last baton. I’m not in a hurry to call for a reversal—I’m watching 70,000: if it holds, it means the short defense line has truly been torn open; if it doesn’t hold, it looks more like a rinse-and-wash after luring in longs.
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