Bitcoin Rebounds Above $66,000 as Short Squeeze Triggers $460M Liquidations

Bitcoin has rebounded above $66,000 after plunging to a June low near $59,000. Early weakness saw whales distribute over 70,000 BTC, ETF outflows exceed $1.8 billion, and more than 50% of supply fall underwater. Selling pressure has since eased as whales withdrew over 11,400 BTC from exchanges and holders absorbed roughly 125,000 BTC. Exchange reserves dropped to a 2020 low of 2.56 million BTC while Binance futures volume surged. The latest rebound sparked $460 million in liquidations, primarily hitting shorts.