Bitcoin: Surges Above $71K on Short Squeezes

Bitcoin pierced $71,000 and printed $71,253.26 as short squeezes accelerated on August 20, 2026.

Price now tests the upper Bollinger Band at $70,811.95 while the 4h RSI(14) sits at 88.19, deep in overbought territory. The MACD golden cross at 1,655.51 keeps the broader structure bullish, yet the distance from EMA50 support at $65,084.33 signals exhaustion risk. A measured pullback toward that level often precedes the next leg higher in this cycle.

Traders watching BTC price action note the same pattern repeated multiple times in the past six months when momentum stretched this far above the EMA200 at $64,244.01.