$BTC
Bitcoin Hits $112K, but Something Feels Off.
Bitcoin Is Booming but Not Buzzing
With this latest surge, Bitcoin is up nearly 20% since the start of the year.
The sudden move stunned traders and rekindled hopes among Bitcoin’s faithful. For weeks, prices had seemed stagnant. Then, in the span of an hour, everything changed.
According to data the rally was triggered by the liquidation of short positions totaling nearly $280 million.
In simple terms traders who had bet against Bitcoin — hoping the price would drop — were forced to buy back their positions as the price unexpectedly surged.
This “short squeeze” poured fuel on the fire, accelerating the price jump.
