Bitcoin's Sharpest Rally in Five Months Flips Markets From Bearish to Coin Flip
Bitcoin surged above $69,000, hitting an intraday high near $69,749 in its biggest one-day jump since March 4 and its highest level since June 1. The move looked driven less by crypto-specific news than by a Treasury announcement to double long-bond buybacks, which pushed down yields and the dollar, easing financial conditions for risk assets. A White House meeting with crypto executives and regulators, plus an SEC proposal easing some digital-asset registration rules, added to the rally. The move triggered heavy short liquidations, including about $677.6 million in Bitcoin shorts and $1.14 billion across crypto in one hour. Crypto stocks jumped too, with Strategy, Coinbase, Circle, and BitMine all rallying sharply. Prediction markets were caught off guard: near-term Bitcoin odds swung from favoring a drop toward $55,000 to nearly a coin flip versus a run to $84,000. Key chart levels now sit around $70,284 on the upside and $68,000 on the downside.
