$58M in crypto shorts liquidated in one hour as Bitcoin squeezes bears

A rapid rally pushed Bitcoin toward $81K and coincided with roughly $58 million in crypto short liquidations in one hour as the overall crypto market cap surged about $135 billion in 24 hours. Reports indicate this was a leverage-driven short squeeze that injected strong, liquidity-driven upside across markets. However, Fidelity warns the bear market may not be over, suggesting the rally could be vulnerable to reversal and that elevated volatility and risk to leveraged positions remain. The implication for Bitcoin is that short-term bullish momentum has been reinforced by deleveraging, but downside risk and market fragility persist.