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Bitcoin’s move above $73,000 is being supported not only by a large-scale short squeeze but also by spot and ETF demand, Nansen said in an analysis cited by The Block.
Nansen analyst Nicolai Sondergaard said short covering accelerated the advance but did not create the rally, while spot and ETF demand has also been strengthening. With most of the short squeeze now largely complete, whether the uptrend continues will depend on spot buying, Sondergaard said. He added that if BTC holds above $70,000, the positive momentum could continue, while a pullback to $69,000-$69,700 could still be seen as a normal retest of the breakout range.