Bitcoin surged 11–15% in 24 hours to $72,344, liquidating $3B in shorts in the largest single-day squeeze on record.
Macro & Markets ·
Bitcoin climbed to an intraday high of $72,408 on Thursday before settling near $71,423, marking its strongest level since early June and extending a rally that has accumulated roughly 15% gains since Monday. The move triggered a cascade of short liquidations: more than $3 billion in short positions were force-closed across crypto markets in the past 24 hours alone, affecting over 190,000 traders and setting a record for short-squeeze magnitude in a single day, according to reporting on the price action.
The mechanics behind the move reveal a reinforcing loop. As Bitcoin's price rose through key resistance levels, exchanges automatically liquidated underwater short bets, which then forced those positions to be bought back at higher prices—pushing the asset higher still and triggering the next layer of stops. The broader backdrop included a U.S. Treasury announcement to double its long-bond buyback operations, a move that loosened financial conditions and preceded a White House meeting between crypto executives and policy officials.
The immediate test now centers on whether this surge can sustain above the 50-day and 200-day moving averages, which have signaled a downtrend since November 2025. As of Thursday afternoon, Bitcoin had not yet closed decisively above both levels, leaving the technical picture unresolved. The liquidation event itself was mechanical and self-reinforcing; what remains uncertain is whether fresh spot demand from buyers will absorb supply at these elevated levels.