Bitcoin briefly rose above 78,000 USDT to 78,005.9, gaining 0.54% over 24 hours after a sharp short squeeze lifted the price roughly $1,400 in about an hour before volatility returned.
Bitcoin moved back above the closely watched 78,000 level, trading at 78,005.9 USDT at one point, up 0.54% over the previous 24 hours. The move was driven in part by a rapid short squeeze that lifted Bitcoin roughly $1,400 in about an hour on Tuesday, briefly reclaiming $78,000 and temporarily adding around $30 billion to its market capitalization. The gain did not fully hold as volatility returned, underscoring how leveraged positioning and forced buying can amplify short-term price swings in the crypto market.