Bitcoin surged roughly 11–15% over the past 24 hours, briefly touching $72,344 after breaking above the $69,000–$70,000 resistance zone. About $3 billion in short positions were liquidated in a single day, the largest short-liquidation event on record.
Matters because: a squeeze this large clears bearish leverage and can reset market structure, but part of the move is mechanical. Sustained strength now depends on spot buyers absorbing supply above $70,000.