Bitcoin just broke through $97,000—the highest level since mid-November. What's fueling this rally? A massive wave of short liquidations. In the last 24 hours alone, traders holding levered short positions got wiped out to the tune of $700 million. When that much leverage gets flushed out of the system, it creates a cascade effect—forced covering pushes prices higher, which triggers more liquidations. Classic market dynamics playing out in real time.