Bitcoin jumps to $73K as short squeeze liquidates $246M in futures
Title: Bitcoin jumps to $73.3k; $246M shorts wiped; OI hits $48B
Bitcoin snapped higher to about $73,300. Around $246 million in crypto futures positions were liquidated in 24 hours.
The move looked like a short squeeze. Funding had turned deeply negative before the reversal, then price ripped and forced covers. Volume spiked. Bitcoin rose back above $72,000, lifting crypto stocks.
Bitcoin traded near $71,500 before buyers stepped in. Trading screens showed roughly $72,900 at press time.
Risk appetite improved. The S&P 500 advanced while the dollar eased, a setup that has often funneled flows into crypto.
Derivatives stay heavy. Open interest hovered near $48 billion across venues, per Coinglass. CME held about $7.9 billion, or roughly 110,000 BTC.
Positioning skewed toward calls into the move. That shows active participation from both retail and institutions, but it also raises whipsaw risk.
One macro headline can flip the tape. A fresh Fed signal or geopolitical turn could reset sentiment quickly.
