Bitcoin's Sharpest Rally in Five Months Flips Markets From Bearish to Coin Flip
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- Bitcoin jumped as much as 8.7% Wednesday to an intraday high of $69,749 — its steepest one-day move since March 4 and its highest price since June 1.
- The U.S. Treasury said it will at least double its long-bond buybacks from $2 billion to $4 billion per operation starting September 9, pushing long-end yields down and weakening the dollar in what analysts dubbed 'QE Lite.'
- CoinGlass data showed $1.14 billion in crypto shorts liquidated in a single hour, with Bitcoin accounting for $677.64 million of that total.
- Crypto-linked equities followed the squeeze: Strategy rose nearly 12%, Coinbase gained 9%, and Circle and BitMine both climbed roughly 9-10% on the day.
- The rally coincided with a White House meeting between crypto executives and regulators and a fresh SEC proposal easing registration rules for some digital-asset offerings.
- Myriad prediction-market odds flipped from roughly 70-30 favoring a bearish dump to $55,000 to a near coin flip (51.9% dump vs. 48.1% pump to $84,000) within 24 hours.
- Polymarket and Kalshi traders had been even more cautious — Polymarket priced only 51% odds of a $75,000 run, and Kalshi gave Bitcoin just a 31% shot at clearing $70,000 in August, both thresholds BTC blew through Wednesday.
- Technical resistance sits at $70,284; a daily close above opens room toward $73,245, while losing $68,000 drags Bitcoin back into the range it has been trapped in since June.
Why it matters: Near-term prediction markets went from 70% bearish to a coin flip in 24 hours after a 7% rally they hadn't priced, with Kalshi giving just a 31% chance BTC would clear $70,000 in August — a threshold it smashed the same day. The $677.64 million in Bitcoin shorts liquidated in one hour shows how a macro-driven Treasury buyback announcement snowballed into crypto's sharpest single-day squeeze since March.
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