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Bitcoin rises toward $70K as crypto shorts get wiped out
Crypto data cited by Decrypt shows about $1.1 billion in shorts were liquidated within an hour, coinciding with a session featuring major crypto figures at the White House.
Bitcoin climbed toward the $70,000 level as traders that were positioned short in crypto began getting forced out of bearish trades, according to Decrypt.
The outlet linked the burst of selling pressure on shorts to a combination of a White House sitdown involving crypto leaders and expectations for a softer Federal Reserve, while noting that market charts may still signal further pain for bears.
Decrypt also pointed to liquidation activity totaling about $1.14 billion in crypto shorts within roughly an hour, describing it as a sharp, fast move rather than a gradual unwind.
The report framed the rally as a reason behind the immediate losses for short sellers, while cautioning that the market setup suggests bearish stress may not be fully over yet.
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