BTC: Breaks 71k as Trader Reduces Shorts

BTC surged past 71000 as trader @Jason60704294 trimmed 419.62 BTC and 9969.37 ETH from shorts while the remaining 2.22 billion dollar position still carries over 2.64 million in floating losses after the 70400 stop was hit.

Price action now sits at 71843.26 on the 4h chart inside a bullish structure with EMA50 at 65107.47 and EMA200 at 64249.88 acting as firm long-term support. Momentum shows RSI at 89.06 in overbought territory and MACD at 1702.58 confirming a golden cross, yet the market is testing upper Bollinger resistance at 70981.71. With price testing upper Bollinger resistance at 70981.71 while RSI flashes overbought at 89.06, a healthy retracement to the 50-EMA support at 65107.47 seems probable before further continuation.