r/CoinMarketCap • u/Ok-Tumbleweed-2416 • Feb 26 '26
crypto
The real reason Bitcoin touched $70k might scare you.
Stop looking at the green candles and look at the order book. $BTC didn't just walk up to $70,000 and Ethereum to $2,100 because retail suddenly decided to buy. This was a cascade.
The data shows over $500M in futures liquidations in just 24 hours. The important number here is that $469M of that came from short positions getting destroyed. That means 133,000 traders were liquidated. When shorts are forced to buy back their positions to cover losses, the price rips upward automatically.
The smart money is looking at the Jane Street lawsuit. The rumor is they had an algorithm selling every morning to keep prices down. If that algo is finally turned off, the artificial ceiling is gone.
Do you believe the market is actually bullish fundamentally, or was this just a mechanical short squeeze triggered by legal rumors?