Bitcoin jumps to $78,000 on short squeeze; $357 million in shorts liquidated in an hour

BlockBeats reported on April 18 that CryptoQuant analyst @AxelAdlerJr said Bitcoin rebounded from $74,000 to $78,000 after overnight geopolitical developments involving the U.S. and Iran, showing the hallmarks of a classic short squeeze. At 21:00, the market saw a spike of $357 million in short liquidations within an hour. @AxelAdlerJr said the move was driven less by new demand and more by forced short covering, noting that short squeezes can push prices sharply higher but do not, by themselves, signal sustained spot demand.