Crypto Prices Rally on Short Squeezes, Chart Signals, and China ETF Hopes

• Cryptocurrency prices rallied due to potential short squeezes, technical trading patterns, and positive news from China • Short sellers being forced to close out positions likely caused a short squeeze, sending prices higher • Bitcoin appearing to consolidate above key technical levels that have preceded past rallies • Major Chinese asset managers submitted Bitcoin ETF applications through Hong Kong subsidiaries • China previously banned crypto trading and mining in 2021, so new ETF plans signal a possible softening stance