A sharp bitcoin rally from below $60,000 to $63,700 forced the largest wave of short liquidations since late April, erasing $504 million in bearish positions within 24 hours. The move caught overleveraged traders off guard, triggering cascading forced closures across major exchanges as prices surged. The bounce appeared driven by technical buying and short-squeeze dynamics rather than a single fundamental catalyst. However, gains proved short-lived: a fresh escalation in tensions between Iran and Israel rattled risk sentiment on Monday, pulling bitcoin back from its weekly highs. The episode underscores the volatility still embedded in crypto markets, where geopolitical shocks can rapidly reverse momentum even after significant technical breakouts. Traders are now watching whether bitcoin can reclaim and hold the $63,000 level amid ongoing macro uncertainty.
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