Bitcoin (CRYPTO: BTC/USD) experienced a rapid surge and surpassed key psychological levels at $36,000 and $37,000. A short squeeze led to a significant wick, driving the cryptocurrency to reach an intra-day peak of $37,972. This upward movement favored long positions, liquidating over $1.56 million in short positions. A short squeeze leads to a high-pace price rise in any asset. It typically begins when the price jumps higher unexpectedly and short sellers exit their positions, leading to a buying flywheel. Liquidation implies when an exchange purposely closes a trader’s leveraged position cau…