Caught Bitcoin's Monday bounce to near $70K, but here's what's interesting - this wasn't really fresh money coming in. Looks like a textbook short squeeze situation. Traders who were betting on further downside got caught when prices started climbing, and they had to buy back their positions fast. That forced buying creates sharp rallies but they can fizzle just as quick.

The macro backdrop helped too. Iran tensions triggered repositioning across markets, and spot Bitcoin ETF outflows reversed, giving the move some tailwind. But the liquidation data tells you how fragile this is - there's a massive $218 million cluster of positions that would blow up if we dip back to $65K. Meanwhile, open interest jumped 6% while price only moved 3.8%, meaning leverage is doing most of the heavy lifting here, not actual buying interest.

So yeah, the short squeeze pushed us through $70K psychologically, but without stronger spot demand underneath, I'm skeptical this holds. Key resistance sits at $72K from February's high. Watch those liquidation zones closely - they'll determine if this bounce has legs or if we're just seeing traders take profits at the obvious levels.