Coinspeaker
7 hour ago
Bullish

Bitcoin jumps to $70,000 and liquidates $2.7 billion in shorts

3 min

Bitcoin jumped 8% to near $70,000, a level last seen in early June. The move coincided with a record wave of short liquidations since 2021: CoinGlass reported over $1 billion in bitcoin shorts liquidated within one hour and $2.7 billion in bearish crypto positions erased across the market.

The rally aligned with a White House meeting between President Trump and executives from Coinbase, Payward, and Blockchain.com, plus an SEC proposal to exempt certain digital-asset offerings from securities registration. Axel Rudolph of IG described a short-covering-driven move toward $70,000 and identified $75,000 as the next key region to test.

BTC Near-Term Levels and Scenario Map

BTC broke above the $69,200 resistance highlighted in prior coverage, signaling a breakout from a multi-week consolidation. Volume during the liquidation spike was elevated for a single hour, consistent with forced short covering rather than spot-led demand.

  • Immediate support: $64,000–$65,500, the former ceiling of an ascending triangle from early August.
  • Deeper supports: 50-day SMA near $62,000 and 200-day SMA near $59,000.
  • Upside targets: a close above $70,000 opens a run at the June 2026 swing high near $71,200 and the $73,000–$78,350 zone.
  • Range risk: consolidation between $65,000 and $70,000 while the market digests the squeeze; loss of $64,000 reopens the low $60,000s.

Bitcoin prices surge toward $70,000 in the largest short squeeze, liquidating over $1 billion in bearish bets. What's next?

BTC/USD, Tradingview

Positioning and volatility indicate one-sided bearish bets had accumulated during prior losses, creating conditions for an overshoot when liquidations accelerated.

Early-Stage Infrastructure Angle: LiquidChain

LiquidChain ($LIQUID) is a Layer 3 infrastructure project that targets cross-chain liquidity across Bitcoin, Ethereum, and Solana in a single execution environment. Presale price: $0.01492 with $940,000 raised. The stated design: a Unified Liquidity Layer and single-step execution so developers deploy once to access all three ecosystems, with verifiable settlement and a deploy-once architecture.

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