Bitcoin: $3B Shorts Liquidated in 24 Hours

Bitcoin ripped higher and forced the liquidation of over $3 billion in crypto shorts over the past 24 hours, wiping out nearly 188000 traders according to data shared by @CryptoKing4Ever.

Leveraged bears covered positions en masse, adding fresh fuel to the advance that has defined the last six months of price action.

Price currently sits at $71987.44 above the upper Bollinger Band at $71024.67 while the 50-EMA at $65113.13 and 200-EMA at $64251.31 remain the key structural supports; with RSI(14) at 89.25 flashing overbought and MACD confirming a golden cross at 1714.08, a healthy retracement toward the 50-EMA appears probable before continuation.