Driven by short squeezes and a resurgence in spot ETF inflows, Bitcoin has reclaimed levels above $73,000, approaching recent cycle highs. This move has triggered hundreds of millions of dollars in liquidations, primarily from short positions. Major altcoins such as Ethereum and Solana have also rallied strongly in tandem, though this rally remains Bitcoin-dominated. Traders are closely monitoring whether Bitcoin can maintain levels above $73,000 amid a healthier market structure, reduced liquidations, and potential capital rotation toward altcoins—which would signal a broader increase in risk appetite.