#BTC升破69000美元日内涨幅6.43%

In my opinion, it is a bit too early to declare that "the bull is back," but dismissing this move as a mere "pump" wouldn't be right either.

BTC is currently hovering around the $69.5K–$70K range, having risen approximately 7–8% in the last 24 hours. More importantly, this move is backed by significant trading volume and massive short liquidations. It was reported that over $1 billion in short positions were liquidated in just about an hour yesterday.

Here is how I interpret the situation:

$69K isn't a "return home," but rather the door opening once again.

Just a few days ago, everyone was saying, "I'm not playing anymore." Now, BTC has returned to its old neighborhood—the $69K–$70K zone. But the critical question here is:

Has BTC simply reached this level, or will it be able to sustain itself there?

To see if the bull has truly returned, we need:

1. Sustained price action above $69K–$70K

This zone was previously a major resistance area. In analyses from July, $68K was viewed as a particularly critical threshold.

The $69K-$70K Zone: A Historical and Psychological Battleground

The range between $69,000 and $70,000 isn't just another price point. It represents a major psychological and technical inflection point:

2. A breakout above $70K, turning it into support

If we see a few days of strong closes above $70K, the narrative changes significantly.

3. Buyers stepping in during a retest of the $67K–$68K range

The ideal scenario: BTC pulls back slightly → tests the old resistance → no selling pressure emerges → it turns back upward.

Why am I still cautious?

Because a significant portion of this move is driven by a short squeeze. While short sellers being forced to buy back BTC can drive the price up rapidly, this does not, on its own, signify sustainable spot demand. So, for me:

$69K → nice

$70K → significant

Sustaining above $70K → very significant

$72K–$75K → indicates the new trend is gaining strength

Previous Bull Market High (2021): This area is indelibly linked to the peak of the 2021 bull run, making it a level of intense historical significance and potential "trapped supply" (people waiting to break even from the peak).

Multi-Month Resistance (2024): Since hitting its new all-time high of nearly $73,700 in March, $69,000–$72,000 has repeatedly acted as a strong ceiling, capping every recovery attempt.

In short:

This could just be a sudden pump; however, the likelihood of it being the “start of a new leg up” has increased significantly compared to a few days ago.

Right now, I wouldn't say “the bull run has started,” but rather “the bull run is knocking at the door.”

$69K isn't a "return home," it's the front door opening.

And the most critical test now is $70K. If BTC turns this level into support, the joke about “visiting the original family” could turn into a real homecoming story. 😄
‍$BTC