TechFlow News, April 18: According to on-chain analyst Axel Adler Jr. (@AxelAdlerJr), Bitcoin triggered a classic short squeeze within the past 24 hours, surging rapidly from $74,000 to $78,000. During this period, approximately $526 million worth of short positions were liquidated, including a single liquidation event worth $357 million at 13:00 UTC. Adler Jr. noted that this rally was primarily driven by forced short liquidations rather than new spot demand, casting doubt on the sustainability of the near-term accelerated price rise. Currently, around $8 billion in long positions have accumulated above $77,000 across major exchanges; whether sufficient spot demand exists to absorb these positions remains a critical variable.
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