Bitcoin Surges Toward $70K as $1.14 Billion in Crypto Shorts Get Rekt in an Hour
Bitcoin surged back toward $70,000, rising to an intraday high of $69,749 and about $68,689 recently, up 9.3% on the week. The move has triggered a large short squeeze: roughly $1.14 billion in short positions were liquidated across crypto in the past hour, led by Bitcoin and Ethereum. Forced buybacks from leveraged shorts are adding fuel to the rally. The bounce also comes as spot Bitcoin ETFs have turned net positive again, helping sentiment after prior outflows. Traders are watching upcoming catalysts, including a White House crypto policy meeting and Federal Reserve minutes, while rate-hike odds have eased. Technically, Bitcoin has recovered above its 200-day average and is pressing into a key resistance zone around $70,284 to $73,245. A daily close above $70,284 could open more upside; a drop below $68,000 would suggest the rally is losing momentum.
