Bitcoin broke the $73,000 mark on the back of a two-day large short (short selling) liquidation, but..

U.S. Treasury bond buyback weakens with interest rate and dollar
Short Position forced liquidation of $3.1 billion in one day
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Bitcoin broke the $73,000 mark on the back of a two-day large short (short selling) liquidation, but some in the market are questioning the sustainability of the rally.

It is pointed out that the mechanical buying that occurred due to the forced liquidation of large short positions has only raised prices, but the inflow of new buying that will lead the actual market is far short.

According to CoinMarketCap on the 21st, Bitcoin is trading at around $73,600, up more than 5% from the previous day.

The driving force behind the recent bitcoin rebound was 'short squeeze'. According to a CoinGlass tally on the 20th (local time), more than $3 billion in leveraged virtual asset positions have been forcibly liquidated in the past day, and the cumulative short liquidation for two days from the 19th to the 20th has reached $3.1 billion.

However, the open interest in the indefinite futures market has not clearly recovered since liquidation. This means that the two-day rally was driven by the forced liquidation of bearish positions, or short covering, rather than the inflow of new buying.