Bitcoin Rises 6% to $71,370 as Short Squeeze Liquidates $190M in Positions

Bitcoin traded near $71,370 after rising about 6.35% in the past 24 hours, with more than $190 million in Bitcoin positions liquidated during the same period, derivatives data show. Funding rates turned negative at 0.0014%, suggesting many traders were positioned short before being forced to buy back as prices moved higher. Bitcoin's market dominance increased from 58.4% to 59.0% within one day as capital rotated from altcoins, while analysts highlight $70,553 as a major Fibonacci-based support level and $71,886 as a recent swing high, though some including Peter Schiff caution the move above $71,000 could be a misleading "head fake" for investors.