Viewpoint: Last night, Bitcoin broke through $78,000 driven by a short squeeze from futures contracts, resulting in $357 million in short liquidations within one hour

BlockBeats News, April 18th, according to CryptoQuant analyst @AxelAdlerJr, last night, stimulated by the US-Iran news, Bitcoin rebounded from $74,000 to $78,000, and this rally exhibited all the classic signs of a short squeeze. In just 21 hours, the market absorbed a peak short liquidation of $357 million.

@AxelAdlerJr believes that this rebound was not fueled by fresh demand but was driven by forced short covering. "This is important because a short squeeze can lead to a very rapid price increase—but by itself, it does not confirm sustainable spot demand."