Bitcoin Recovers to $69,000 After $500 Million Short Liquidation

Bitcoin (BTC) staged a significant recovery toward the $69,000 mark after a brief plunge to the low-$60,000s on February 25. This sharp intraday volatility triggered a massive short squeeze, leading to the liquidation of nearly $500 million in short positions. According to data from Glassnode, the digital asset continues to trade within the established monthly range of $60,000 to $69,000. The rapid rebound underscores strong buying interest at lower support levels, effectively flushing out over-leveraged bearish bets. Market analysts view the successful defense of the $60,000 level as a bullish signal for short-term price action. While the asset remains range-bound, the scale of liquidations suggests a potential shift in momentum toward the upper boundary of its current channel.