Bitcoin ($BTC) just broke back above $71,000 after a sharp short squeeze wiped out over $550 million in leveraged positions. This move wasn't subtle — it came fast and caught a lot of bears off guard.

Liquidation heatmaps show most of the pain was on the short side, especially across Binance and Bybit. That kind of forced buying often triggers a cascade, and here it's pushed BTC back into familiar range highs.

If this momentum holds, we could see altcoins start to catch a bid. But watch for resistance around $72,500 — that's where the last major rejection happened. A clean break there could open the door for a run toward $75K.

For now, the market's telling us one thing: shorts are bleeding, and buyers are back in control.

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