Bitcoin breaks out of six-week range, tops $71,000 as $3 billion in shorts get wiped out
Six weeks of compression ended in the largest short liquidation since at least 2021, with $3 billion of bearish bets forced to buy back into thin supply.
Source: CoinDesk
―
DW NOTE
$3 billion in forced buybacks into a supply squeeze is not a breakout — it's a liquidation cascade that happens to go up. The shorts were wrong about direction but right about brittleness. Bitcoin broke $71,000 because leveraged bears had to cover, not because $4 billion left gold or oil futures for crypto. When the liquidations stop, check if the bid remains.