Key Highlights
- Bitcoin surged from around $65,000 to above $68,600 within hours, adding more than $3,000 as buying accelerated late Wednesday.
- BTC reached a 24-hour high of $68,982.40, while its daily gain expanded to about 5.7%, according to CoinGecko.
- The rally pushed Bitcoin through its 100-day SMA near $66,195 and directly into the 200-day moving average around $68,977, making $69,000 the next immediate technical test.
Bitcoin price accelerated sharply on Wednesday, jumping more than $3,000 in a matter of hours as BTC surged from around $65,000 to above $68,600.
CoinGecko showed Bitcoin trading near $68,611, up about 5.7% over 24 hours, after reaching an intraday high of $68,982.40. The session low stood near $64,124, giving Bitcoin an intraday range of almost $4,900.
The latest move extends an earlier breakout above $65,000 and puts Bitcoin within touching distance of $69,000, with trading activity accelerating alongside the price advance.
Bitcoin Clears $66,200 and Tests 200-Day SMA
The speed of Wednesday’s move has changed Bitcoin’s technical setup within a single session.
Earlier in the day, BTC had only just reclaimed its 20-day and 50-day simple moving averages around $63,900. The next resistance identified on the TradingView daily chart was the 100-day SMA at $66,194.56.
Bitcoin has now cleared that level and advanced almost directly toward its 200-day SMA at $68,976.68.
BTC’s intraday high of $68,982.40 effectively puts price on that long-term moving average. A sustained break above the $68,977–$69,000 zone would leave Bitcoin trading above its 20-day, 50-day, 100-day and 200-day moving averages.
If buyers fail to hold the move, $66,200 becomes the first major reclaimed level to watch on a pullback.
$500M Short Liquidations Accelerate Bitcoin Rally
Glassnode’s data shows Bitcoin initially climbing gradually from around $64,000 before the move accelerated rapidly through $66,000, $68,000 and eventually above $69,000.
As price moved higher, short liquidations spiked to roughly $500 million, while aggregate open interest fell from above 520,000 BTC as positions were closed.
The combination of rising price and falling open interest indicates that the move was driven partly by short covering rather than fresh leverage entering the market.
Traders who had positioned for further Bitcoin weakness were forced to buy BTC back as prices moved against them, adding additional buying pressure to the initial breakout.
FOMC Minutes and Trump Crypto Meeting Still Ahead
Bitcoin’s $3,000 advance has occurred before two U.S. events scheduled for later Wednesday.
The Federal Reserve is scheduled to release minutes from its July 28–29 FOMC meeting at 2:00 p.m. ET. At that meeting, policymakers voted 9–3 to keep the federal funds target range unchanged at 3.50%–3.75%.
President Donald Trump is also scheduled to host crypto executives at the White House Wednesday afternoon, with SEC Chair Paul Atkins, CFTC Chair Mike Selig and crypto adviser Patrick Witt among those expected to attend.
Bitcoin has therefore moved from testing $65,000 to challenging $69,000 before either catalyst is resolved. The immediate question has shifted from whether BTC can break short-term moving averages to whether buyers can turn the intraday surge into a sustained break above the 200-day SMA.
Also Read: Bitcoin Price Breaks $65,000 Ahead of Trump Meeting and FOMC
