Bitcoin’s bearish traders faced a harsh setback on Wednesday as the cryptocurrency executed a sharp V-shaped rebound, soaring nearly 8% to surpass the $69,500 mark. This surge ignited an intense short squeeze across multiple global trading platforms.
Following several weeks of downward momentum that briefly pushed Bitcoin below the crucial $63,000 support level, the market dramatically reversed its trajectory with impressive strength.
Recent figures indicate that more than $330 million worth of positions were liquidated within just 24 hours, with short sellers bearing the brunt of these losses.
The Short Squeeze Unfolded
The sudden recovery caught many late-stage sellers off guard, triggering a wave of forced buybacks. Liquidation statistics reveal what has been dubbed a “4-hour Rekt” event: approximately $247.98 million in short positions were eliminated compared to only about $11.17 million in long positions.
Bitcoin’s price surged from its 24-hour low near $63,894 up to a peak around $69,483. This rapid climb compelled shorts to close their trades hastily, further fueling upward momentum.
Within just half a day (12 hours), shorts totaling roughly $321.15 million were liquidated—signaling an overwhelming surrender by bearish forces that had dominated February’s market action.
Analyzing The Rebound
Market experts are interpreting this powerful bounce as an indication that Bitcoin may have found a local bottom. Trader and analyst Justin Spittler emphasized the technical importance of this move on X (formerly Twitter).
“$BTC is showing remarkable strength today with an 8% gain,” Spittler remarked. “It never revisited recent lows.”
Spittler also noted parallels between Bitcoin’s price behavior and trends seen in broader technology stocks—particularly software equities represented by $IGV.
“This adds further evidence suggesting software stocks have also bottomed out,” he wrote. “$IGV and $BTC exhibit strong correlation.”