A BTC rally to $96,900 could trigger a $9.6B short squeeze

A Bitcoin rebound to $96,900 would trigger the liquidation of $9.6 billion in short positions, Crypto Briefing reported, citing data from CoinGlass. The outlet noted that recent market volatility has been primarily driven by excessive leverage in the derivatives sector. It added that a BTC rally could set off a cascade of short liquidations, fueling further buying pressure and increasing the likelihood of a short squeeze in a market heavily skewed toward such positions.