analyst: Bitcoin’s 5% spike higher Monday driven by short-covering, not fresh buying, says analyst.

What to know : Bitcoin shook off a weekend slump, rising nearly 5% on Monday to above $69,000. An analyst says the move was driven largely by a short squeeze and leveraged positioning, aided by macro turmoil and a reversal of outflows from spot bitcoin ETFs. Market data show rising open interest and large liquidation clusters around $65,000 and above $70,000, underscoring that the rally may be fragile without stronger spot demand.