Bitcoin Squeeze Past $68K Clears Two-Month Trading Range
Bitcoin's price surged past $68,000 on Wednesday after breaking through crowded liquidation levels, forcing short sellers to buy back positions and adding upward pressure. The sudden move pushed Bitcoin above a two-month trading range, clearing a double-bottom neckline near $65,400.
The breakout was accompanied by over $1 billion in short liquidations within one hour, indicating that forced buying played a significant role in accelerating the rally. According to CoinGlass data, much of the liquidity built up above the previous trading range was removed during the spike.
Analyst Daan Crypto Trades described the move as a 'massive squeeze' after crossing the $67,000 liquidation cluster. The 4-hour RSI reached 83.49, well above the 70 level commonly associated with an overbought market, but an overbought RSI does not require an immediate decline.
Bitcoin now faces daily resistance between $69,000 and $70,000 after reclaiming its 100-day simple moving average around $66,288. A daily close above that zone would improve the case for a move toward $72,000, with some analysts targeting $74,000 as the more important weekly level.