Bitcoin breaks out of six-week range, tops $71,000 as $3 billion in shorts get wiped out

Bitcoin exited a six-week consolidation range with a sharp move above $71,000, triggering the largest short squeeze since at least 2021. The move was amplified by $3 billion in forced short liquidations as bearish traders were stopped out into thin liquidity, creating a self-reinforcing rally. This pattern—range compression followed by one-sided liquidation flow—is a classic technical setup that can accelerate moves both ways, particularly at key resistance levels.

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