$BTC Bitcoin retested the $69,000 level on August 19th with a surge exceeding 6.4%. The price reached as high as $69,622 during the day before slightly pulling back and stabilizing around $68,600. This move triggered a significant wave of liquidations, particularly for short positions, with total liquidated positions exceeding $1.46 billion in the last 24 hours. Approximately $1.3 billion of this was short positions held by investors anticipating a price decline.

There are multiple factors behind the rise. Most notably, the US Treasury Department's decision to expand its long-term bond repurchase program. Increasing the maximum repurchase amount for 10-20 year and 20-30 year bonds from $2 billion per transaction to a minimum of $4 billion led to a decrease in long-term interest rates, supporting demand for risk assets. Standard Chartered strategist Geoff Kendrick described this policy move as "exactly the kind of development Bitcoin loves," noting that sustained levels above $65,500 could signal that the cyclical bottom is behind us.

In addition, two-day inflows into US spot Bitcoin ETFs reached approximately $487 million. A meeting at the White House on cryptocurrency regulations and the possibility of the CLARITY Act being revisited in September were also factors supporting investor sentiment.

Technically, $69,000 is a critical resistance zone where the 200-day moving average ($69,100) and the 21-week moving average ($68,800) intersect. This level is also described as a "bull-bear turning point" by Bloomberg Intelligence strategist Mike McGlone. However, every bullish scenario has a counter-argument. McGlone noted that Bitcoin failed to hold above $69,000 despite record highs for the Nasdaq and S&P 500, citing slowing ETF inflows and signs of a bursting speculative bubble, warning that the price could fall to $10,000 in the medium term. According to this view, the current rally is based on temporary liquidity support and is unsustainable without sustained spot demand.

For Gate users, the $69,000 level is currently a test. A daily close above this region would indicate that the previously resistance level could turn into support, and the rally could continue. However, a failure to maintain this level and a pullback are also possible. The Fed meeting minutes, to be released in the next 24 hours, will play a critical role in determining the market's direction. Therefore, monitoring not only price movement but also the trajectory of the US 10-year Treasury yield and the trend in ETF flows would be a healthier approach to understanding whether this rally is sustainable.

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