Bitcoin’s Rally to $28K Causes the Largest Short Squeeze This Month

In a significant short squeeze of the month, Bitcoin (BTC) experienced a surge, surpassing $28,000 on Tuesday afternoon.

The leading cryptocurrency, with the highest market capitalization, remained relatively stable around $26,800 for most of the day before witnessing a rapid ascent to a peak of $28,150, as reported by CoinDesk Indices data.

While it has retraced some of its gains and currently hovers around $27,900, it still exhibits a 5.2% increase over the past 24 hours, outperforming many other digital assets, Coin Desk reported.

READ MORE: https://www.coindesk.com/markets/2023/06/20/bitcoins-rally-to-28k-causes-the-largest-short-squeeze-this-month/

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