CryptoWorld News reports that, according to on-chain analyst Axel Adler Jr (@AxelAdlerJr), Bitcoin triggered a classic short squeeze within 24 hours, with the price rapidly rising from $74,000 to $78,000. During this period, approximately $526 million in short positions were liquidated, with a single liquidation of $357 million at 13:00 UTC. Adler Jr pointed out that this rally was mainly driven by forced short covering rather than new spot demand, and the sustainability of the short-term price acceleration is uncertain. Currently, major exchanges have accumulated about $8 billion in long positions above $77,000, and whether there is enough spot demand to absorb this remains a key variable.