Good morning on August 20! After touching above the 70000 level twice last night and early this morning, BTC failed to hold and declined to 68942. It is currently trading around 69300. From the four-hour chart, there are still no signs of a reversal, so follow the trend and go long this morning!
$BTC Mingyuan 8/20 morning: Go long around 69000-68500, targeting
around 69900-70800.
$ETH Mingyuan 8/20 morning: Go long around 2240-2215, targeting
around 2290-2330.

Bitcoin just had a crazy move yesterday 💥
#BTC surged nearly 8%, making many traders believe the bullish trend was finally back.
But the move also triggered a massive short squeeze:
• $1.37B+ in short positions liquidated
• One whale reportedly lost around $48.8M 🐋
Now Bitcoin is sitting right around the MA200 on the 1D chart, making this a very important level to watch.
But there’s something even more important here. 👀
Bitcoin is also testing a major descending trendline resistance that connects the $97K → $82K → $69K rejection areas.
📍 $97K — major high on January 14, 2026
📍 $82K — major rejection zone, On May 6th
📍 $69K–$70K — current trendline test
So $BTC is now at a major decision point.
🟢 Bullish Scenario
If BTC breaks the $70.7K–$71K zone with strong volume and sustains above the descending trendline, the breakout becomes much more interesting.
➡️ First target: $72K–$74K
➡️ If $74K holds strongly → $76K
➡️ Sustaining above $76K → $80K–$82K
A clean breakout above this long-term trendline would be a major technical development and could signal that Bitcoin is finally breaking out of the larger bearish structure.
🔴 Bearish Scenario
If sellers defend the $69K–$70K trendline and BTC fails to reclaim $70.7K–$71K, we could see another rejection.
If price loses the MA200 / $68.5K area:
➡️ First targets: $66K–$65K
➡️ Deeper weakness → $63K–$62K
That could bring Bitcoin back into the broader consolidation range.
⚠️ Bigger Picture
The $97K → $82K → $69K descending trendline is extremely important right now.
Bitcoin has reached this resistance after an explosive 8% move and a massive short squeeze.
So I wouldn't blindly chase the pump here.
Breakout + volume + sustained price above $70.7K–$71K = bullish confirmation.
Rejection from the trendline + loss of $68.5K = bearish pressure returns.
For now, I still wouldn't be surprised to see #Bitcoin continue consolidating between roughly $60K–$80K before the next major trend develops.
Yesterday was a massive squeeze.
Now the real question is:
Was this the beginning of a genuine breakout, or just a liquidity-driven pump into major resistance? 👀
Don't chase the move. Wait for confirmation.
#BTCSurgesPast70000Up8.3%