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Bitcoin rallied to a 12-month high above $79,000 on Wednesday before pulling back to around $78,000 as investors booked profits. Derivatives indicators, however, point to the possibility that the move is not finished, with conditions suggesting another potential short squeeze.
Bitcoin surged nearly 6% to a 12-week high of $79,388 on Wednesday, then reversed sharply to $77,593 on Thursday morning. After the pullback, the asset was trading around $78,227, with no net gains over the last 24 hours.
Analysts attributed Wednesday’s rise largely to a short squeeze, supported by derivatives activity. Over $225 million in short liquidations helped fuel the upward move.
The uptick also followed an easing of investor concerns after U.S. President Donald Trump extended the ceasefire on April 21. The development reportedly triggered nearly $100 million in short liquidations from the derivatives market, accelerating price gains.
Despite the volatility, Bitcoin remained above $78,000 following more than $90 million in short liquidations. CoinGlass data cited in the article indicated that another short squeeze could be possible soon.
The article noted that negative funding alongside rising open interest—when prices hold up—has historically preceded stronger recoveries, as short sellers are forced to unwind positions during short squeezes.
If Bitcoin regains momentum and pushes back toward $80,000, the rally could extend to the next major resistance zone near $85,000. Conversely, failure to maintain the current level could lead to a slide toward local support at $77,000.
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