Bitcoin’s move above $73,000 has been supported by both a large-scale short squeeze and strengthening spot and ETF demand, Nansen said in an analysis cited by The Block. Analyst Nicolai Sondergaard said short covering accelerated the advance but did not create the rally. With most of the squeeze largely complete, the continuation of the uptrend will depend on spot buying. Holding above $70,000 could allow positive momentum to persist, while a decline to $69,000-$69,700 could represent a normal retest of the breakout range.