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Bitcoin surpasses $71,000 as $3 billion in short positions liquidated

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Bitcoin broke out of a six-week consolidation phase, surging past the $71,000 mark. The rally triggered approximately $3 billion worth of short position liquidations, marking the largest such event since at least 2021. Traders who had placed bearish bets were forced to buy back their positions as prices climbed. The combination of compressed supply and forced buybacks amplified the upward price movement.

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Bitcoin surpasses $71,000 as $3 billion in short positions liquidated · ShortSingh