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Bitcoin climbs above $72,000 after $2.75 billion in short liquidations
The surge follows Wednesday's record $2.75 billion short-liquidation event and comes alongside spot and ETF demand, with analysts saying BTC needs to hold above $70,000 to sustain the rally.
Bitcoin rose above $72,000 for the first time since May, extending a broader crypto rally after a record short-liquidation event. According to The Block, $2.75 billion in Bitcoin shorts were liquidated on Wednesday, driving accelerated momentum into Thursday.
The Block links the move to a mix of macro and policy factors, including expanded Treasury buybacks, an SEC crypto proposal, and a White House meeting with President Donald Trump that featured prominent crypto executives. Analysts cited by The Block said squeezes can spark rallies, but this one has additional support from demand rather than only forced buying.
The Block also reports that analysts see spot and ETF demand as part of the underlying fuel. Still, they warned that Bitcoin would need to hold above $70,000 to demonstrate the rally can outlast the short squeeze, with conditions described as favorable for turning a bounce into a trend.
Quoting Nansen research, The Block said short covering accelerated the breakout but did not create it, and pointed to the key technical test of whether BTC can remain above the range that trapped it since June.
Latest closeBitcoin $72,725.00 ▲5.0%