The market just witnessed a violent surge as BTC reversed sharply, skyrocketing from the $68,000 zone to a high of $71,499. This move triggered a massive liquidation cascade, specifically wiping out over $264.7M in Short positions within the last hour. According to the Liquidation Map, the heavy liquidity clusters around $69,000 - $70,000 have been completely absorbed.
Currently, BTC is slightly retracing around $70,830 but maintains a strong bullish structure on the 15m timeframe, trading well above the Upper Bollinger Band. This indicates that buying pressure remains dominant after flushing out high-leverage short sellers.
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