Bitcoin Hits Highest Price Since June as $3B in Shorts Liquidated

The scale of short liquidations matters more than the price level itself: a $3 billion wipeout forces repositioning across leveraged books, and that mechanical flow can amplify a move beyond what spot demand alone would justify. The open question is whether this is a genuine shift in positioning or a squeeze that fades once forced covering ends. Watch whether the rally holds without the liquidation tailwind — that, not the headline high, is what would signal the bearish trend since November is actually breaking.