That significant jump of Bitcoin on Monday - nearly 5% up to over 69,000. But an analyst points out that this isn't really about new buyers. It's more about short-covering, traders who bet on a decline having to close their positions as the price rises.

The macro situation (Iran tensions) caused a rebalancing across the markets, and Bitcoin benefited from it. Spot ETF outflows also slowed down, so there was support from that side. Mark Connors from Risk Dimensions calls it a typical short-flush - sharp rallies without real fundamental support underneath.

The interesting part: open interest increased 6% in 24 hours while the price only rose 3.8%. That suggests leverage-driven movement, not spot demand. Liquidation clusters around $65,250 and $70,000 show how tense it is. That jump to 70,000 already triggered profit-taking.

Connors remains cautious - this is not a sign that we're heading back to 100,000. Without real spot demand, that jump can reverse just as quickly. Resistance levels above 75,000 are still challenging. If we break above 70,000, then roughly 90 million in short liquidations could occur, providing enough fuel for the next jump toward the February maximum of 72,000. But without stronger sentiment, it remains vulnerable.