Bitcoin Tops $72,000 as Short Squeeze and Treasury Signals Fuel Rally

Bitcoin climbed above $70,000 and later topped $72,000 as a sharp short squeeze forced traders betting against the rally to cover positions. The move was amplified by lower Treasury yields after the U.S. Treasury signaled more bond buybacks, while the White House’s crypto-friendly policy signals and support for clearer regulation added to the bullish mood. The rally matters because it shows how quickly policy shifts and market positioning can drive major swings in digital assets, affecting traders and broader crypto sentiment.