3 reasons why BTC surged past $69K within hours

Bitcoin: 3 reasons why BTC surged past $69K within hours

Bitcoin [$BTC] led the broader crypto market as its rebound strengthened the case for a July bottom.

$BTC gained by double digits, pushing its Market Cap above $1.40 trillion. Institutions, whales, and retail traders bought, while forced short closures amplified the rally. As a result, Bitcoin escaped its sideways range and reached $69.84K, preserving short-term bullish momentum.

Institutional capital forces massive short liquidations

One of the institutions was BIT.com, formerly Matrixport. The institution withdrew 894.72 $BTC valued at $61.93 million from Binance to an external wallet. This accumulation came shortly after another 3.38 $BTC buy worth $234K.

Apart from the institutional capital, the uptrend was accelerated by short squeezes.

The crypto market saw the largest short liquidation ever, of $2.66 billion, surpassing the October 10th crash that wiped out $2.46 billion. Of this total, $BTC short orders worth $1.13 billion were wiped out, with whales suffering the largest losses.

For instance, one lost 1,800 $BTC worth $117 million, while others lost 677 $BTC and 500 $BTC, worth $44 million and $33 million, respectively.

Can $BTC break past $70K?

Bitcoin’s technical structure also supported the move. $BTC had traded between $59K and $67K since early June before clearing the two-and-a-half-month resistance.

Such compression can precede a breakout when demand finally overwhelms range sellers. The CMF climbed to approximately 0.21, supporting the capital-inflow narrative.

Meanwhile, the CVD showed that buying pressure dominated the Spot market.

If $BTC holds above $67K, it could clear $70K and target $75K. However, explosive advances often revisit their breakout zones before continuing. A retest would decide whether $67K became support or remained a temporary escape hatch.

Could Bitcoin sweep liquidity below $67K?

Despite the bullish structure, liquidity still presented a sharp downside risk.

More than 1,037 Long Liquidation Levels sat below $67K, compared with 136 Short Liquidation Levels. That left a difference of 901 levels below the market.

Prices often gravitate toward dense liquidity, leaving the breakout vulnerable to a downside sweep. Even so, the Delta showed that smart money remained tilted toward buying in the short term.

Thus, $66K-$68K remains a key level to watch to determine if $BTC will continue pumping, as the price needs to hold. On the contrary, the price may drop below this zone to sweep the long liquidity resting below.

Final Summary

• Bitcoin rebounds by double digits amid capital inflows and a spike in short-order liquidations.
• Bitcoin’s price broke above a two-and-a-half-month resistance, but long liquidation levels below $68K risk a downside sweep.

Source: cryptonews.net