According to CoinMeta, the price of Bitcoin broke through $68,000 on Wednesday evening, as shorts with over $1 billion in positions were forced to close their trades, causing the price to rise by about 4% in a short period of time. Market analyst Daan Crypto Trades stated that Bitcoin experienced a “huge squeeze” after breaking through the $67,000 clearing zone. According to data from CryptoNews, the price of Bitcoin was near $68,500 at the time of writing, with a intraday high of around $69,500. This increase represented a rise of nearly 6% from the opening price of around $64,725 on Wednesday. Prior to this, Bitcoin had been fluctuating between $62,000 and $66,000 for several weeks. As Bitcoin's price broke through $67,000, exchanges began to close shorts that could not maintain sufficient collateral, further driving up the price. The entire crypto market saw over $1 billion in short liquidations as Bitcoin surpassed $69,000. The total amount of crypto short liquidations subsequently reached $1.79 billion, indicating that the forced buying played a significant role in the accelerating rise.