Bitcoin (BTC) short squeeze rally pumps 11% on a so called supply shock through Coinbase exchange, and BlackRock selling $millions of their BTC ETFs per day.

Bitcoin's (BTC) volatility hedged speculation, is once again mostly on the back of BlackRock's ETF BTC fund gaining more ground over its competitors, taking in a reported $274 million a day for its ETF BTC products, which in turn is juicing the BTC crypto indexes.  Ensuing the assetless 'asset' has somewhat of a underwrite going on, through the so called regulated ETF markets.  It's a way that BlackRock and other funds are attempting to legitimize the BTC and Crypto markets into a broader appeal.  Which are now ending up as extremely crowded trades, with new 'coins', 'blockchains' and 'ecosystems', which are all running on a plethora of carbon spewing servers, are coming online. 

The other amusing issue of why BTC was short squeezed with the millions in short positions, was mega Crypto exchange Coinbase, with its legitimacy under scrutiny by the SEC, claiming that there was shortfall or supply crunch of BTC 'coins' on its books.

Since BTC like all Crypto are sensitive to inflation figures, please refer to the above chart, when CPI and PPI higher inflation readings knocked BTC off from its 73000 highs.  Next reading is the Personal Consumption Expenditures Index (PCE) 29th March 2024.

BTC broke out of it Bull trap rages of $65000 had has rallied above its psychological resistance/support of $69000.