Bitcoin Hits Highest Price Since June as $3 Billion in Shorts Liquidated
Bitcoin surged back above $72,000, reaching an intraday high of $72,408 and trading near $71,423, its highest level since the June 2 flash crash. The move extended a two-day rally that has lifted Bitcoin nearly 15% since Monday and triggered a major short squeeze, with forced liquidations amplifying upside momentum. Over 24 hours, 174,416 traders were liquidated for about $2.85 billion. Macro conditions likely helped fuel the move: the U.S. Treasury said it will double long-bond buybacks to $4 billion per operation starting September 9, which pushed yields lower and weakened the dollar. That eased financial conditions and improved risk appetite. Sentiment also flipped quickly in prediction markets as bearish odds faded. Bitcoin is now testing its death cross setup, though it has not yet closed decisively above both key moving averages. Crypto-related stocks and spot Bitcoin ETFs also saw strong inflows, reinforcing the rally.
