$BTC moved up about 4% from the $65K area and briefly reached around $70.5K after more than $115M in short positions were liquidated.
Leverage across the market also dropped, with the Binance leverage ratio falling and futures open interest turning negative. That usually means some excess risk has been cleared.
Right now Bitcoin is trading above the short-term EMA around $68.4K, which traders are watching as support.
The next important area seems to be near $74K. If price reaches it, that could be the next real test.