Bitcoin consolidates between $73,000 and $75,000 as liquidations trigger a short squeeze, but weak spot demand keeps the upside momentum in check.
Bitcoin (BTC) traded between $75,000 and $73,000 over a three-hour period during the New York market open on Thursday, and the abrupt downside move liquidated $283 million in futures positions. The resulting short squeeze pushed BTC back toward $75,000, but sustaining the rebound will require steady buying volume in the spot market.
A sharp move lower to $73,200 from $75,400 triggered a wave of long liquidations across the futures markets, totaling to $166 million, according to market commentator CryptoReviewing.
The price then reversed quickly, pushing back toward $75,000 and liquidating roughly $117 million in short positions, highlighting a rapid two-sided squeeze within the same trading window.
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