Bitcoin shorts lose $431M as BTC clears $70K – Can fresh demand take over?

After weeks of struggling below $65,000, Bitcoin finally broke the barrier.

Yet, the pace of the upward move was indicative of even more than just breaking out. As the price surged past $70,000, trapped short positions began unwinding, resulting in the largest squeeze since March.

At the time of writing, it stood at $71,900, up 11% in the last 24 hours. The last time it hit this level was in early June.

Later on, short liquidations reached $431 million, with Bybit getting the lion’s share of $193 million despite Binance having considerably deeper trading activity. Trailing closely was Binance with $178 million, while OKX recorded another $60 million.

In fact, liquidation spikes have been relatively subdued since March, making this burst unusually concentrated. Simply, due to this magnitude of liquidations, Bitcoin crossed $65,000 smoothly, as forced closures added market buys into an already rising price.

However, that mechanism also shifts attention toward what happens after the squeeze. With many bearish positions already cleared, holding above $70,000 increasingly depends on fresh demand replacing forced buying.

Otherwise, Bitcoin could struggle to preserve the breakout once liquidation pressure fades.

Bitcoin’s rally extends beyond liquidations