Bitcoin surges 6% to $68,000, triggers record short liquidation
Bitcoin (BTCUSD) surges 6% to $68,000, triggering what the source says is the largest single-day short liquidation event in its history after the U.S. Treasury doubled long-term bond buyback operations.
Bitcoin (CRYPTO: BTC) surged 6% to $68,000 on Wednesday, triggering the largest single-day short liquidation event in Bitcoin’s history after the U.S.
Treasury doubled its long-term bond buyback operations.
What Actually Happened The Kobeissi Letter posted on X that traders liquidated $1.2 billion in Bitcoin short positions within just 60 minutes as BTC surged above $68,000.
Crypto analyst Byzantine General independently confirmed with multiple sources that Bitcoin recorded its largest-ever single-day short liquidation event. “It cannot be understated how insane this is,” he wrote on X.
What Triggered the Move? Joe Consorti posted on X that Bitcoin surged directly on the Treasury announcement that it would buy back $4 billion of long-term debt to increase liquidity support. “Welcome back, money printing,” Consorti wrote.
The Treasury doubled its bond buyback operations from $2 billion to at least $4 billion per operation for bonds maturing in 10 to 30 years, as reported Wednesday.
Traders immediately read the move as inflationary and bullish for hard assets, sending yields lower and the dollar index down 0.8%.
Why The Setup Was Already Building? CryptoQuant posted on X that Bitcoin’s spot demand was about to turn positive for the first time since February, a signal that has historically produced an 18.1% median gain over the following 60 days with a 78% win rate.
At current depressed valuations, that win rate climbs to 87%.
Meanwhile, Bitcoin ETFs had already pulled in $486.85 million across Monday and Tuesday, fully recovering last week’s $389.71 million outflow.
BlackRock’s IBIT (NASDAQ: IBIT ) dominated Tuesday’s session with $143.57 million, capturing nearly 76% of total inflows according to SoSoValue.
BTC Price Prediction: Technical Analysis BTC breaks decisively out of its three-month consolidation range Wednesday, clearing the cup-and-handle pattern that formed since the June bottom near $56,000.
RSI hits 71.70, the sharpest reading since the June top, confirming genuine momentum.
The measured move target projects toward $71,400, which lines up almost exactly with the 200-day EMA at $71,489.
Key levels for BTC: $71,400 to $71,500 — measured move target and 200-day EMA $66,364 — EMA 100, first support on any pullback Photo via Shutterstock