Bitcoin Hits $70K — Breakout or Short Squeeze?

[BTCC Market Watch]

BTC briefly touched $70K after spending weeks around the $62K–$65K range.

The rally came as Treasury yields fell and the dollar weakened, improving liquidity expectations. But leverage also played a big role — nearly $3B in crypto positions were liquidated, with shorts accounting for more than 90%.

ETH gained over 18% as well, suggesting the rally may be spreading beyond Bitcoin.

For me, the key question is what happens after the short squeeze. If spot and ETF demand keep improving, this could become a healthier breakout. If fresh buying doesn’t follow, volatility around $70K could remain high.

Do you think this is the start of a broader rally, or mostly a leverage-driven move?

[YellowSwap]

Im sorry to sound this way but I am always inside and out at the same time, don't get confused, what I meant is that I have Bitcoin that I am holding and also have some money set aside if we are go below 50,000...

Tell me a strategy that beats this, there is none I believe, there is no need for trying to catch a falling knife or FOMOing into Bitcoin, the most dangerous thing is running after every bullish candle, but if you are already in you are already a winner.

I'm sick and tired of guessing when the price will bottom, if you don't want to miss out its better to do as I did, nothing works better than DCA strategy and also have some Fiat set aside.

[JamesDaniel90]

Bitcoin has just hit $71.7k , how high do we feel it has to go for the July bottom of $58.5k to be the bottom?

It is good to see a pump finally after many months of down and sideways action but part of me is feeling it is too early for us to have seen the bear market bottom already.

I hope i am wrong though and we can now have a good end to the year from here, but lets see.

[Alonso_]

Bitcoin has just hit $71.7k , how high do we feel it has to go for the July bottom of $58.5k to be the bottom?

It is good to see a pump finally after many months of down and sideways action but part of me is feeling it is too early for us to have seen the bear market bottom already.

I hope i am wrong though and we can now have a good end to the year from here, but lets see.

Yes I just received a notification of this massive development, it’s a good news for us that have been buying consistently and waiting patiently, I hope we continue to have a massive surge of growth from bitcoin, but I’m not very concerned, I’m optimistic about the future of bitcoin.

I’m very excited about the pump, and we are already having a $72k impact right now, I hope we continue to have a massive surge, anyways I’m not getting my hopes high I’m only excited about such a pump at this particular moment.

I hope it’s a breakout.

[HajiBagi]

Bitcoin has just hit $71.7k , how high do we feel it has to go for the July bottom of $58.5k to be the bottom?

It is good to see a pump finally after many months of down and sideways action but part of me is feeling it is too early for us to have seen the bear market bottom already.

I hope i am wrong though and we can now have a good end to the year from here, but lets see.

Every investor will be happy at this point, because that is what everyone wants to see after some months of seeing the price drop, people who will be more happy about the price are those that are panicking while the price is dropping, there are people who have sold some part of their bitcoin because they think this year is not going to rise again with the way market dropped to $65k, we should not be happy yet because bitcoin can not be predicted, but we should trust the process, and believe that this year is going to be part of the year we will hear good news about bitcoin.

[Filicius]

Im sorry to sound this way but I am always inside and out at the same time, don't get confused, what I meant is that I have Bitcoin that I am holding and also have some money set aside if we are go below 50,000...

Tell me a strategy that beats this, there is none I believe, there is no need for trying to catch a falling knife or FOMOing into Bitcoin, the most dangerous thing is running after every bullish candle, but if you are already in you are already a winner.

I'm sick and tired of guessing when the price will bottom, if you don't want to miss out its better to do as I did, nothing works better than DCA strategy and also have some Fiat set aside.

It's the same in my case, and although I think it is the most logical and reasonable strategy, you can't help but feel a bit of FOMO when you see that the price goes up and the amount you had available to invest in case the price went down is going to stand still without taking advantage of the benefits that the rise could have on it.

We agree that given a choice, this is the best scenario I could wish for, but there's always that little bitter taste. You can't have everything, I guess.

[Majestic-milf]

 It doesn't look like it will last at the $71k region but I'm hoping it does because for sometime now, all we've been settling for is the $63-65k price and I'm not going to investigate what led to this surge, all I'd be interested in is if this would be the start to a new ATH.

[dwyane36]

It doesn't look like it will last at the $71k region but I'm hoping it does because for sometime now, all we've been settling for is the $63-65k price and I'm not going to investigate what led to this surge, all I'd be interested in is if this would be the start to a new ATH.

This sharp rally could very well mark the start of a bullish trend, as higher time frames show that the downtrend line has been broken. So far, things look promising, and it’s worth noting that this move has nearly overturned predictions of a continued bearish trend, although for greater certainty, we should wait for confirmation on the weekly time frame.

[Majestic-milf]

It doesn't look like it will last at the $71k region but I'm hoping it does because for sometime now, all we've been settling for is the $63-65k price and I'm not going to investigate what led to this surge, all I'd be interested in is if this would be the start to a new ATH.

This sharp rally could very well mark the start of a bullish trend, as higher time frames show that the downtrend line has been broken. So far, things look promising, and it’s worth noting that this move has nearly overturned predictions of a continued bearish trend, although for greater certainty, we should wait for confirmation on the weekly time frame.

Don't blame anyone who might try to run faster than their shadow because it's being a very long bearish period and we'd all agree that good news like this is needed to at least encourage those who have been patiently riding the storm of inconsistent price movement.

[STT]

A short is a future buy, so there is forced buying which isn't anything to doubt.  Its both a breakout and the shorts have been squeezed or forced to buy via margin calls.   I already expected that Bitcoin was not truly negative, never short a dull market they say and that's played out.

  There is a good trend up now, I did look for it to establish and confirm the higher move and so far its done that.  I expect us to retrace the May peaks and BTC is climbing the ladder of that retracement.  It would be good to meet May highs now as this is about the yearly average so a fair resting point and I always observe these longer term averages are like the tide; we do return back periodically no matter the shorter term boom or bust volatility.
   So once we meet that ~80k target we'll face a wider picture, requiring all moving averages to start gaining not the negative momentum they had become.

[OgNasty]

I think all eyes have to be on Saylor to see which direction we'll be headed.  He still has about $4,500,000,000 worth of Bitcoin that he has earmarked for sale.  I'd personally love to see him dump it all right now and send us to new lows so that we can be certain the bottom is in and build from there.  As long as Saylor is eyeballing selling billions of dollars worth of Bitcoin, I remain cautious and will limit buying to an increased DCA for the time being.  At least for another month.

[Oshio-man]

This new price can be what will make some holders to rush to release their bitcoin before the long bullish season will appear, seen this current price in the market today, I refuse to be moved yet to sell my bitcoin because this is the price that will stay long for long term holders to sell what will make them to celebrate income that will boost their confidence in bitcoin investment, do you know that some bitcoiners used this current price to earn income? There are some of my friends that called that they will not going to ignore this $70k than to release their bitcoin to be part of those that will rejoice.

[Fiatless]

I think all eyes have to be on Saylor to see which direction we'll be headed.  He still has about $4,500,000,000 worth of Bitcoin that he has earmarked for sale.  I'd personally love to see him dump it all right now and send us to new lows so that we can be certain the bottom is in and build from there.  As long as Saylor is eyeballing selling billions of dollars worth of Bitcoin, I remain cautious and will limit buying to an increased DCA for the time being.  At least for another month.

Saylor's dumps seem not to have much impact on the Bitcoin market anymore.  Strategy sold 1,690 BTC for about $108.6 million on August 3 and August 9, 2026. The price of Bitrcoin remained around 63k to 64k during this period. The reason why this dump is not having much effect might be because the company is dumping its Bitcoin in batches. Saylor knows that a massive drop will cause lots of panic.

[Sexylizzy2813]

It doesn't look like it will last at the $71k region but I'm hoping it does because for sometime now, all we've been settling for is the $63-65k price and I'm not going to investigate what led to this surge, all I'd be interested in is if this would be the start to a new ATH.

I was also thinking about it, like will anything concerning $70k last as we have seen it now in a long while? Well, it has happened before that we saw $70k but since then it has been $60k to $60k and from the looks of things, I mean back then it seems like Bitcoin price was going to hit rock bottom, falling without getting back up, I was expecting to see $49k soon and today changed everything. Currently the market price is $72k and I expect to see $80 and above soon.

[JamesDaniel90]

I didnt expect a rally this high so fast with Bitcoin hitting $79k briefly a few hours ago.

Do we now think the bottom is in at $58.5k we saw early July or always time to go back below there again in the next few weeks / months ?

[dwyane36]

I was also thinking about it, like will anything concerning $70k last as we have seen it now in a long while? Well, it has happened before that we saw $70k but since then it has been $60k to $60k and from the looks of things, I mean back then it seems like Bitcoin price was going to hit rock bottom, falling without getting back up, I was expecting to see $49k soon and today changed everything. Currently the market price is $72k and I expect to see $80 and above soon.

Well, BTC has already crept very close to the resistance level around $80k. I’m not sure it’ll happen on the first try, but I think the bulls will try to break through this level very soon.
As for the bear market, I think many expected it to continue, but as we can see, the market can be unpredictable for ordinary traders and investors. Right now, everything on the BTC chart indicates that the bear market, which lasted nearly a year, has been broken.

[Rengga Jati]

Do you think this is the start of a broader rally, or mostly a leverage-driven move?

I think it is a broader rally, the price change has been too significant. If it only crossed $70k, I may think it is just a temporary pump. But it is almost reaching $80k today. I still remember it was only around $64k yesterday. This move is very quick, it indicates a change of trend in crypto market.

I didnt expect a rally this high so fast with Bitcoin hitting $79k briefly a few hours ago.

All people think the same, we are surprised with the current change on Bitcoin price. But it seems the raise over already, it dropped gradually after it jumped to $79,500. The trigger isn't enough to pass $80k.

Do we now think the bottom is in at $58.5k we saw early July or always time to go back below there again in the next few weeks / months ?

We don't know it. But if there is no huge correction again, it should be the bottom price. I personally assume the red market isn't over yet. We must anticipate the possibility of another huge drop in the early of Q4.

[Sexylizzy2813]

I was also thinking about it, like will anything concerning $70k last as we have seen it now in a long while? Well, it has happened before that we saw $70k but since then it has been $60k to $60k and from the looks of things, I mean back then it seems like Bitcoin price was going to hit rock bottom, falling without getting back up, I was expecting to see $49k soon and today changed everything. Currently the market price is $72k and I expect to see $80 and above soon.

Well, BTC has already crept very close to the resistance level around $80k. I’m not sure it’ll happen on the first try, but I think the bulls will try to break through this level very soon.
As for the bear market, I think many expected it to continue, but as we can see, the market can be unpredictable for ordinary traders and investors. Right now, everything on the BTC chart indicates that the bear market, which lasted nearly a year, has been broken.

In all you said, I can't just wait to see that constant increment of Bitcoin price till the end of this month, it has already shown that this month is the break through for us to see $100k again. At some point I wasn't sure if it will keep to that rise in price because we saw what happened in June and July where the amount wasn't on the side of investors instead the dropping in price kept them wondering when it will bounce back but now things are turning for good.

[Pandu Geddon]

It doesn't look like it will last at the $71k region but I'm hoping it does because for sometime now, all we've been settling for is the $63-65k price and I'm not going to investigate what led to this surge, all I'd be interested in is if this would be the start to a new ATH.

For now, it seems we’re not yet speculating that Bitcoin will reach a new ATH. This upward movement is pretty good, almost hitting $80k. 
Right now, Bitcoin is around $76k. If it can hold this level or even continue rising with ongoing buying pressure, the end of this month and maybe the end of Q4 this year could look pretty good.

[Bitpulse.digital]

Hey, keeping dry powder is solid. On bitpulse, a model I update daily, the lowest floor it sees this year is 69,700 USD around Nov 29 2026, though runs can miss and change tomorrow. Nov 20 2026 pessimistic band sits at 46,800 USD though. Do you think we really drop sub 50,000 before the next leg up?