Breakout holds
Bitcoin stalls
Bitcoin breakout propagation with short-covering feedback
BTC
breakout
Catalyst
crypto spot
reclaims round level
stalls, momentum fades
feedback loop
forced covering feeds price
leverage unwinds
beta
deeply negative YTD
shorts crowded
risk
BTC treasury proxy
highest beta, re-rates
Exchange
volume + P&L flow
Miners
hash-price lag
Breakout holds
re-rate persists
Bitcoin stalls
retest of lows
short covering amplifies the breakout