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2026-08-20 08:15:22

Bitcoin price breaks past $68K as $1B short squeeze hits Bitcoin price surged past $68,000 late Wednesday as a break above crowded liquidation levels forced short sellers to buy back positions, turning a gradual recovery into a one-minute price spike of roughly 4%. Bitcoin price jumped from below $65,000 to a high near $69,500 before settling around $68,500.

More than $1 billion in crypto shorts were reportedly liquidated within one hour.
The breakout cleared a 4-hour double-bottom neckline near $65,400.
Bitcoin now faces daily resistance between $69,000 and $70,000 after its RSI entered overbought territory.#BTCSurgesPast70000Up8.3% #ETHSurges20%BreaksThrough2300 #BTCETHReboundTradeIdeas #USTreasuryBuybacksAndRegulatorySignalsDriveCryptoSurge #StrategySurgesNearly12% $BTC ‌

BTC11.57%

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DividendBachelor

· 59m ago

Breaking the double-bottom neckline is a good sign, but with RSI overbought and a weekly resistance zone right above, don’t rush to call for 70,000. First see whether a pullback to 65–66 can hold; only then can the next wave begin.

Reply0

HodlAndLend

· 1h ago

This short squeeze is too fierce—one wick has already pushed prices up 4–5%. Those chasing longs, be careful not to become exit liquidity.

Reply0

GifCollector

· 1h ago

So many short positions have been liquidated, making a move to 70,000 fairly likely. ETH is following suit, and the market is coming alive.

Reply0

VibeCrew

· 1h ago

Every time it supposedly breaks out, it pulls back—this time it’ll probably fake a breakout first again.

Reply0

TurtleCompound

· 1h ago

The move above $68K looks more like short covering than new capital entering. Let’s see whether it can hold $69K–$70K before drawing conclusions.

Reply0

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