#BTCBreaksATH Breaking Through Resistance and Liquidating Short Positions

Over the past few days, Bitcoin has broken through a key resistance between $65,000 and $71,000, leading to a wave of short liquidations. Short sellers, who were challenged by the sudden surge, saw their positions wiped out as Bitcoin easily cleared the $68,000 and $70,000 levels. This momentum helped fuel a rapid price rally, sending the price as high as $73,600, close to its previous all-time high of $73,800.

Data provided by CoinGlass shows that this massive liquidation reversed market sentiment, forcing bears to retreat. The surge was also aided by bitcoin’s rise in market dominance, which reached 60% for the first time since 2021. The figure, which measures bitcoin’s share of the overall cryptocurrency market, is often seen as a leading indicator of a broader bull run.