Bitcoin Tops $75,000 as Traders Say Sellers Are Getting Squeezed

Bitcoin broke above $75,000 in trading tied to the August 20 session, extending a rally that has caught short-sellers offside. Bitcoin analyst James Check summed up the move bluntly: "Bears in pain, right now." The move higher in bitcoin coincided with active options positioning elsewhere in crypto markets. A trader put on a $2 million straddle in XRP, a bet that pays off on big price swings in either direction by August 28, regardless of direction. That kind of positioning often shows up when traders expect volatility to pick up but aren't sure which way prices will break. What remains unclear is whether the bitcoin move has enough momentum to hold above $75,000 or whether it is a short squeeze that fades once forced buying from bearish positions is exhausted.