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Short squeeze, not fresh liquidity, may explain much of today’s crypto rally. $BTC briefly crossed $85K while $ETH, $SOL and $DOGE also pushed higher. With roughly $750M in liquidations and shorts taking most of the hit, forced buying amplified the move. The takeaway: leverage can accelerate rallies, but it can also reverse them just as quickly. Watch liquidity, positioning and follow-through, not just green candles.