Bitcoin $BTC rises 8.49% to $72,247 in the last 24 hours, leading the crypto market rally. The increase is mainly driven by prospects for looser macro liquidity after the U.S. Department of the Treasury boosted its purchases of long-term bonds.
Main reason: Improved liquidity could pressure bond yields and support risk assets such as Bitcoin.
Secondary reason: A major short squeeze liquidated more than $856 million in short BTC positions, reinforced by increasingly pro-crypto U.S. regulatory sentiment.
Short-term outlook: BTC needs to hold above $68,500 to maintain bullish momentum. If it breaks through $72,400–$72,500, the next target is around $75,800. If it fails to hold $68,500, the risk of a correction toward $63,000–$65,000 increases.
Conclusion: Bitcoin’s momentum remains bullish, but the high RSI signals a risk of profit-taking and a still-significant pullback. The next focus is the market’s reaction to Jackson Hole.
Main reason: Improved liquidity could pressure bond yields and support risk assets such as Bitcoin.
Secondary reason: A major short squeeze liquidated more than $856 million in short BTC positions, reinforced by increasingly pro-crypto U.S. regulatory sentiment.
Short-term outlook: BTC needs to hold above $68,500 to maintain bullish momentum. If it breaks through $72,400–$72,500, the next target is around $75,800. If it fails to hold $68,500, the risk of a correction toward $63,000–$65,000 increases.
Conclusion: Bitcoin’s momentum remains bullish, but the high RSI signals a risk of profit-taking and a still-significant pullback. The next focus is the market’s reaction to Jackson Hole.