Bitcoin posts best day since February 2026 amid $1B short squeeze

Bitcoin ripped 8% higher on August 19, surging from the low $64,000s to a peak of $69,749 in what became its strongest single-day performance since February 2026. The catalyst was as old as markets themselves: too many traders betting on the wrong direction, all getting margin-called at once. The short squeeze liquidated between $1.1B and $1.3B in bearish positions within a single hour. Across the broader crypto derivatives market, total short liquidations over the following 24 hours reportedly climbed as high as $2.7B, making it one of the largest liquidation events since tracking began in 2021. More than 100,000 traders were impacted. Weeks of quiet, then chaos Bitcoin had been stuck in a frustratingly narrow band between roughly $61,500 and $65,000 for several weeks leading into August 19. That kind of prolonged sideways action tends to do two things: bore retail traders into apathy and lure leveraged shorts into a false sense of security. The range-bound behavior created a coiled spring. Short interest built up steadily as traders positioned for a breakdown below $61,500 support. When buying pressure materialized instead, the resulting cascade of forced liquidations turned a mo...