Bitcoin Jumps 8% to $69K as Crypto Market Surges – What’s Driving the Rally?

[gabbarmedia]

Bitcoin is showing strong momentum today, climbing more than 8% in the last 24 hours and trading around $69,581.

The broader crypto market is also moving sharply higher:

Bitcoin (BTC): $69,581 | +8.1%
Ethereum (ETH): $2,263 | +18.4%
Total Crypto Market Cap: $2.45 trillion | +7.5%
DeFi Market: +9.8%
Fear & Greed Index: 62 – Greed

One of the biggest factors behind the move appears to be a large short squeeze. Around $792 million in crypto positions were liquidated within four hours, with nearly $735 million coming from short positions.

Improving market sentiment, institutional Bitcoin demand, U.S. crypto policy developments, and renewed interest in DeFi have also supported the rally.

The big question now is whether Bitcoin can hold above the $69K level and continue toward higher resistance, or whether such a fast move could lead to a short-term correction.

What do you think?

Is this the beginning of a stronger Bitcoin rally, or are we likely to see a pullback after the 8% jump?

Source: https://www.coingabbar.com/en/crypto-currency-news/crypto-news-today-20-august-bitcoin-ethereum-defi-market-surges

Crypto markets are highly volatile. This post is for discussion and informational purposes only, not financial advice.

[Upgrade00]

The price rise could be down to the long period of consolidation which has seen more buys than sell offs. In the most basic term, that builds a stronger Base which can be the trigger for a price spike. Checking online there are multiple reasons being rolled out including Trump hinting at a possibility of the U.S buying some bitcoin, but no one has been shown to be wholly responsible for this.

It could hold on above this range and even go high within the coming days.
This thread should be in speculation since it's on price action.

[Peanutswar]

I keep watching the price of the bitcoin from the previous weeks and the price of the bitcoin are just slowly consolidating but apparently from the past few days its break the trend line we did expect to get follow but most of these candles afterwards just a wicked candle



So right now its a huge candle red we need to fill here which is roughly around 73k were quite too far yet possible there is a small downtrend but sooner or later we can see the 70k again hope so.

Note not an accurate technical analysis or a pro in this field but just basic support resistance strategy and trend lines.

[Bluedrem]

Bitcoin has been very stable for about three weeks. The price has not changed much in a 24-hour period, with the maximum change being between $2 and $300. Perhaps due to this stability and some good news about Bitcoin, the price of Bitcoin has reached $63,000 to $70,000 in the last 24 hours. Now it remains to be seen how sustainable the price is or whether it was just a temporary bubble. However, I expect the price to change more and its base price will rise to $70,000, meaning the price may stay above $70,000. Let's see what happens in the end.

[ryzaadit]

I think the Fundamental Aspect is due U.S. Treasury Bond Buybacks and hopefully the momentum are continue. I am still waiting for confirmation for entering by seeing on Winter. Especially on December (Christmas), and hope my target entry are reached but so far these could be the effect from U.S. Treasury Bond Buybacks and is pushing up for other asset due the bond buyback.

[Free Market Capitalist]

You all could have done a little bit of research before, first asking that, I'm referring to the OP, and before replying.

Bitcoin Soars After Trump Hosts Crypto Executives At White House And Urges Passage Of Clarity Act

Bitcoin, ether surge as Trump urges Congress to pass crypto Clarity Act

Bitcoin Surges Most Since March Ahead of White House Meeting

Is that enough explanation for you?

The problem with Trump is that just as he can drive prices up, he can send them plummeting in seconds with one of his typical statements. Let's hope this is the start of a big rally.

[avp2306]

You all could have done a little bit of research before, first asking that, I'm referring to the OP, and before replying.

Bitcoin Soars After Trump Hosts Crypto Executives At White House And Urges Passage Of Clarity Act

Bitcoin, ether surge as Trump urges Congress to pass crypto Clarity Act

Bitcoin Surges Most Since March Ahead of White House Meeting

Is that enough explanation for you?

The problem with Trump is that just as he can drive prices up, he can send them plummeting in seconds with one of his typical statements. Let's hope this is the start of a big rally.

Will also add this articles, so that they would get lots of source to have an idea on why Bitcoin experiencing a great price surge today.

https://www.news18.com/business/markets/bitcoin-hits-70000-why-is-bitcoin-rising-today-whats-driving-the-crypto-rally-ws-l-10283527.html

https://www.tradingkey.com/analysis/cryptocurrencies/more/262119954-bitcoin-surges-over-8-triggering-short-ethereum-jumps-18-why-tradingkey

https://cryptopotato.com/what-sent-bitcoin-flying-above-71000-5-factors-behind-the-surge

Base on articles shared, we see that US has played huge role for current movement.

Yeah really crazy to know that Trump can still manipulate the market. But same as you I'm hoping that this is the start of price recovery and we see Bitcoin to reach at $80k this month.

[Wapinter]

Where will this end? I hope BTC makes new ATH this time

[Filicius]

Two days ago I read some news about Russian citizens withdrawing money from their banks to avoid financing the war against Ukraine with their money, and I thought: if at least a part of it went to crypto, prices should go up. I don't know if it had something to do with it, but Ethereum's higher rise this time could indicate that part of the reason could be that.

It is not the explanation they give in the articles shared, who knows maybe I am wrong, or it is a reason that they have not thought to investigate.

[Marvelockg]

The problem with Trump is that just as he can drive prices up, he can send them plummeting in seconds with one of his typical statements. Let's hope this is the start of a big rally.

Is this in any way a good thing for investors seeing that bitcoin seams to be over responsive to whatever narrative that trump holds? of cause we are feeling hyped up because things is going positive to bitcoin but what then happens when the opposite is the case? as much as we know that the personality of trump as the president of the united states gives him that power and influence over systems, the rate at which bitcoin that is a decentralized finance still react to trumps narrative on crypto relative things is worrisome.

it still point to the fact that investors are too emotional when react to news and these shared sentiment among investors is what is leading to a swift reaction in this form. lets just enjoy it as long as it last.

[Agbamoni]

What do you think?

Is this the beginning of a stronger Bitcoin rally, or are we likely to see a pullback after the 8% jump?

Don't be too sure. We've seen the market go up a little months back, only for it to go down again. This is a recent increase in the price that started 3 days ago. I won't rush into concluding that a stronger Bitcoin rally is here. I think we may likely pull back a little. Below $70k precisely.

Bitcoin is at $71,247.58 according to CoinMarketCap tracking. We may see $73k today. Maybe that's when we start expecting a pullback. If it doesn't happen, the opposite is the case.

[nelson4lov]

The main catalyst for this impulsive bullish move in bitcoin, ethereum and the larger crypto market can be attributed to the the Double Buyback that the US treasury government made a press release about yesterday.

You can see the press release here: https://home.treasury.gov/news/press-releases/sb0607

It started it all because it meant that the USD has been weakened due to fallen yields which is why the Feds had to step in to buy back even more than they normally do.  If you check, you'll see the value of most assets paired against the dollar went up including gold, currencies (EURUSD went up, USDJPY went down, etc), and risk assets like Bitcoin.

For bitcoin however, that news was the catalyst but not the only reason:

• There's been consolidation around the 55k to 65k region for several months. All attempts by sellers to push the prices lower have all failed. This rally was like an overdued promise.
• Crowded short: prior to this pump, shorts were 96.6% of all of the open interest positions so when the first surge happened, it triggered forced liquidations which are essentially buy-stop orders that eventually acted as fuel for the move. Only yesterday, $3.1B worth of shorts were liquidated

[Moreno233]

There are many possible reason for the rally but the most obvious reason has to do with the activities of the US government. Investors are sensing an increase in inflation as a result of the US printing of more money for the buyback of their treasury bills. Other assets will benefit from it but the cryptocurrency market are the first to react aggressively. I'm not confident that the move will be sustained but it could signal that Bitcoin may not seek new low this cycle before we enter the next bull run.

[Btcdeybodi]

We should not trust Trump because of U.S. Treasury Bond Buybacks that caused the price of bitcoin to soar around $73k. Trump is manipulative, we knew this right from the tariffs he imposed on some countries which affected the price of the market negatively, now he has come up with U.S. Treasury Bond Buybacks just to justify his statements that he will control the crypto market. Of course, he can control the crypto market but not in the long term so we shouldn't trust any bullish move for now until the price begins a major rally that Trump actions cannot be able to affect. We shouldn't be too excited, but we should keep an eye on the market and see how it reacts from now.