Bitcoin jumps to $78,000 on short squeeze; $357 million in shorts liquidated in one hour

Huo Xing Finance said April 18 that CryptoQuant analyst @AxelAdlerJr attributed Bitcoin's overnight rebound from $74,000 to $78,000 to developments involving the U.S. and Iran, calling the move a textbook short squeeze. At 21:00, the market saw a peak of $357 million in short-position liquidations within an hour. @AxelAdlerJr said the advance was driven less by new demand than by forced closing of short bets. "That matters because short squeezes can push prices up very quickly, but on their own they don't confirm sustainable spot demand," he said.