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- Bitcoin climbed above $75,000 during trading and was up 8.9% over 24 hours.
- Large-scale short liquidations hit the market, with $2.75 billion and an additional $783.2 million in positions forcibly liquidated.
- Some analysts said the rally‘s sustainability, spot demand, and the prospects for passage of the Clarity Act will be key to future market growth.
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Bitcoin climbed above $75,000 during intraday trading for the first time in more than three months, but some analysts said the rally has run too far, too fast.
The Block reported on August 21 that Bitcoin traded as high as $75,560, gaining more than 8.9% over the past 24 hours. One catalyst was the US Treasury’s announcement that it would at least double purchases to support liquidity in long-term Treasuries with maturities of 10 to 30 years. New crypto-related proposals from the Securities and Exchange Commission and a White House meeting between President Donald Trump and executives from major crypto firms also helped drive the advance.
The jump also sparked a wave of short liquidations. CoinGlass data showed $2.75 billion of Bitcoin short positions were forcibly liquidated on Wednesday alone. Another $783.2 million of Bitcoin positions were liquidated over the following 24 hours, including $747.7 million in shorts.
Some analysts questioned whether the rally can be sustained. Shawn Young, chief analyst at MEXC Research, said the crypto market was attaching far more significance to the Treasury’s intervention than it warranted. The Treasury had merely opened a pressure valve, he said, while the market reacted as if the paradigm had shifted.
Treasury-yield moves only forced short positions to unwind quickly and did not improve Bitcoin’s macroeconomic backdrop, he added. In his view, a move above $70,000 is premature.
Dominic John, an analyst at Zeus Research, said short liquidations may lift prices in the near term, but once crowded bearish positions are cleared out, the rally will have to stand on real spot demand, liquidity and macro fundamentals. The real test, he said, is whether new money enters the market and turns a short-covering rally into a sustained advance. If the prospects for passage of the Clarity Act in September become more tangible, the rally could develop into durable market growth.
Meanwhile, Bitcoin’s Fear and Greed Index stood at 62, putting it in the “Greed” zone at its highest level since October 2025, when Bitcoin reached a record high.
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Source: en.bloomingbit.io