Last night's Bitcoin rally was really intense. I watched the candlestick chart jump from $65,000 all the way up to $70,048, gaining over $5,000 in just a few hours. Ethereum also rebounded, rising from $1,900 and briefly breaking through $2,148. However, the high couldn't hold, and BTC eventually fell back to $68,439, while ETH retreated to $2,058.

The biggest losers in this move were the shorts. According to on-chain data, over the past 24 hours, short positions worth $473 million were liquidated, directly wiped out. The bulls broke through multiple dense short zones in one go, triggering a chain of liquidations that further pushed the price higher. Still, there was significant selling pressure above $70,000; the price spiked up but quickly fell back, indicating many traders still want to sell at that level.

Coincidentally, Nvidia's earnings report was released after the US stock market closed, and all the numbers were explosive. Revenue hit $68.1 billion, up 73.2% year-over-year, with data center business growing 75% annually. The next quarter's guidance is $78 billion. This earnings report effectively eased market concerns about AI valuation, and the risk appetite in traditional financial markets has warmed up, which is also positive for crypto markets. Asian stock markets are expected to open higher on Thursday, with TSMC, Samsung, and other chip stocks likely to be boosted.

Can Bitcoin now hold above $68,000 and challenge $70,000 again, or was this spike just a fleeting moment? We need to keep a close eye on the follow-up. From the current level, the market is still digesting the impact of this rally.