Bitcoin (BTC) surged to an intraday high of $69,482 on Friday, marking a powerful recovery that has reignited bullish sentiment across the crypto market. The breakout comes as on-chain and order flow data reveal steady accumulation from retail investors throughout February, adding fuel to the recent upside momentum.
While the rally has strengthened the broader technical structure, analysts caution that Bitcoin may still require further consolidation before confirming a sustainable long-term uptrend.
Breakout Structure and Key Levels to Watch
Bitcoin has broken above the upper boundary of a descending channel and is now retesting the $69,000 region. If BTC maintains acceptance above $68,000, this move could confirm a bullish Break of Structure (BOS), signaling a potential continuation phase.
Should momentum persist, the next liquidity clusters are positioned near $71,500 and $74,000. On the lower timeframes, the 50- and 100-period EMAs on the 1-hour chart are converging below current price levels, reinforcing short-term bullish pressure.
However, failure to hold above $68,000 may result in renewed consolidation toward the $65,000–$66,000 demand zone.
$96 Million in Liquidations Signal Short Squeeze
The recent rally triggered approximately $96 million in futures liquidations within four hours, with nearly $92 million coming from short positions. This imbalance strongly suggests a short squeeze scenario, where bearish traders were forced to close positions as price accelerated upward.
A significant portion of these liquidations occurred on Bybit, Hyperliquid, and Gate.io, highlighting the elevated leverage activity across major trading platforms.
Retail Investors Lead February Accumulation
Order flow data indicates that smaller wallets (holding $0–$10,000) accumulated approximately $613 million in cumulative volume delta (CVD) during February, consistently buying into price dips.
Mid-sized wallets ($10,000–$100,000) recorded a net monthly outflow of around $216 million but added nearly $300 million after Bitcoin dropped below $60,000, suggesting selective accumulation during corrections.
Meanwhile, whale wallets ($100,000+) saw their CVD bottom near -$5.8 billion earlier in the month before stabilizing. Although heavy selling pressure appears to have paused, clear large-scale reaccumulation has yet to materialize.
What Needs to Happen for the Rally to Continue?
For sustained upside, stronger participation from large investors will likely be necessary. Additionally, the Short-Term Holder SOPR metric must climb back above 1, indicating that recent buyers are no longer exiting positions at a loss.
Notably, short-term holder SOPR recently fell to its lowest level since November 2022, reflecting fragile sentiment despite price recovery.
Outlook
Bitcoin’s reclaim of $69,000 signals renewed bullish intent, supported by retail-driven buying and leveraged short liquidations. However, confirmation of a broader expansion phase will depend on sustained price acceptance above $68,000 and renewed whale participation.
As always, volatility remains inherent in digital asset markets.
Disclaimer: This article is for informational purposes only and does not constitute financial advice. Readers should conduct independent research and assess risk before making investment decisions.
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