Bitcoin Surges Towards $70K Amidst Massive Short Liquidations

Bitcoin's recent surge towards $70,000 has triggered FOMO-driven buying across the market, resulting in massive short liquidations and a shift in investor psychology. This price increase is driven by a combination of technical momentum, renewed bullish sentiment, and significant short squeezes.

The forced liquidations have intensified buying pressure, as capital rotates from gold into crypto. Bitcoin is trading near $67,087 after a minor intraday pullback, with analysts seeing this as a healthy pause in a strong rally.

Santiment's data shows that Bitcoin's rally goes beyond price, signaling a shift in investor psychology. Social sentiment, network activity, and trading metrics reveal growing participation fueled by optimism and FOMO.