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Bitcoin tops $75,500 as liquidity buyback expansion sparks short squeeze

Bitcoin rose more than 8.9% in 24 hours and helped liquidate over $2.75 billion in bitcoin shorts, according to data cited by The Block.

Reported · Written up by our desk · Bitcoin

Bitcoin pushed above $75,500 on Thursday and cleared the $75,000 level for the first time in more than three months, as the cryptocurrency climbed about 8.9% over the prior 24 hours to roughly $75,560, according to The Block’s bitcoin price page.

The Block attributed the rally to the U.S. Treasury Department’s plan to at least double liquidity support buyback operations for longer-dated nominal coupon securities across the 10 to 30 year segment. The news also coincided with additional catalysts mentioned in the report, including an SEC crypto proposal and a White House meeting with President Donald Trump and prominent crypto executives.

The surge also triggered aggressive short covering, with The Block citing that the move liquidated more than $2.75 billion in bitcoin shorts on Wednesday. It added that another $783.2 million in bitcoin positions were liquidated in the past 24 hours, including $747.7 million from short positions, according to Coinglass data referenced by the outlet.

MEXC Research’s Shawn Young said the market was giving the Treasury’s intervention more credit than it deserves, arguing that Treasuries still compete aggressively for the marginal capital bitcoin needs. Young said the intensity of the short squeeze suggests positioning was already heavily one sided before the liquidity expansion news, meaning the announcement functioned more as a trigger than a fundamental boost.

Latest closeBitcoin $74,733.01 ▲7.9%

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