Bitcoin punched above $72,000 on Thursday, marking its highest price since June, as a two-day squeeze wiped out roughly $3 billion in short positions.
The rally extends a short squeeze that has cleared out the most short positions on record, according to the report. The move also represents the first real challenge to a bearish chart pattern that has held since November.
The surge in price coincided with the mass liquidation of traders who had bet against bitcoin, forcing many to close out their short positions as the price climbed.
For more details, see the original report from Decrypt.
