Bitcoin Approaches $70K Amid $1.14 Billion in Shorts Liquidated in Rapid Hourly Sell-Off

In brief

• Bitcoin surged 9.3% this week, reaching an intraday peak of $69,749 and trading near $68,689, up from the week’s opening price of $62,832.
• According to CoinGlass, $1.14 billion in short positions were liquidated across the crypto market in the past hour, with Bitcoin accounting for $677.64 million of those losses.
• The rally precedes a White House meeting involving President Trump, crypto industry leaders, and regulators, alongside the release of the Federal Reserve’s July meeting minutes.

Bitcoin is rapidly approaching the $70,000 milestone. The leading cryptocurrency by market capitalization reached an intraday high of $69,749 on Wednesday and was trading near $68,689, representing a 9.3% weekly gain according to Bitstamp data.

This upward movement follows a recovery from a recent low of $57,735, though it remains substantially below the peak of over $126,000 recorded in October 2025.

The rally is fueled by the liquidation of speculative short positions. CoinGlass data reveals that $1.14 billion in short bets were wiped out across the crypto market in the last hour, with Bitcoin short positions accounting for $677.64 million of these losses. Ethereum and Solana short positions added $422.90 million and $37.88 million, respectively.

Liquidations occur when exchanges forcibly close leveraged positions due to insufficient collateral. Shorts—bets on price declines—suffer heavily during upward price movements, triggering automated sell orders that accelerate gains in a feedback loop known as a short squeeze.

The hourly short-liquidation figure already represents 87% of the previous 24-hour total of $1.31 billion across 112,004 traders. The largest single liquidation involved a $32.18 million Ethereum position on Bitget, according to CoinGlass data. Traders who shorted crypto assets must now repurchase at elevated prices, generating buying pressure that drives further price increases.

This short-squeeze dynamic has emerged frequently during 2026’s volatile market rallies. In April, Bitcoin’s move above $75,000 triggered over $600 million in daily short liquidations as risk appetite unexpectedly improved.

Wednesday’s price surge anticipates two significant events: a White House meeting where President Trump will meet with SEC Chair Paul Atkins, CFTC Chair Michael Selig, and executives from Coinbase, Ripple, and Kalshi to discuss regulatory frameworks; and the Federal Reserve’s July meeting minutes, expected to signal reduced expectations for interest rate hikes after earlier forecasts of 80% odds.

Spot Bitcoin ETFs also bolstered the rally, returning to net inflows after weeks of outflows. Skybridge Capital’s Anthony Scaramucci argued that Bitcoin’s 55% decline from its peak—milder than historical 75-80% drops in previous bear cycles—signals the market’s proximity to recovery.

The data tells a different story from the bear-market headlines.

This is a clear Bitcoin bear market, and yet we’ve only had a 55% drop, whereas in other bear markets you’ve gotten a 75-80% drop.

That’s weirdly a good sign; it suggests many net buyers are already positioning… pic.twitter.com/wy7gtlmC4r

— Anthony Scaramucci (@Scaramucci) August 18, 2026

Bitcoin price: What the charts say

Bitcoin’s weekly chart opened at $62,832 and closed near $68,689, forming a candle spanning $62,690 to $69,749. This positions price at the “golden pocket,” a resistance zone between $70,284 and $73,245.

The bullish momentum has pushed Bitcoin above its 200-day moving average—a key technical milestone that eases bearish pressure and sustains weekly bullish sentiment despite lower timeframes showing weakness.

The critical resistance level is $70,284, the lower boundary of the golden pocket and a cluster of short interests. A daily close above this level could extend gains toward $73,245. Conversely, a break below $68,000 on daily charts would reintroduce Bitcoin to the range that has capped since June.

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