BTC Briefly Tops $70,000 as Short Liquidations Reach $2.74 Billion

Bitcoin (BTC) briefly traded above $70,000 for the first time since June 2, as a result of short liquidations that reached $2.74 billion over the past 24 hours.

The rally started with policy signals from Washington, which led to forced short covering and amplified the move through derivatives markets.

CryptoQuant flagged a recovery in spot demand before the rally, citing a shift from negative to positive territory for the first time since February 26.

However, Glassnode points to unreclaimed levels, with the Short-Term Holder cost basis at $68,500 and the True Market Mean sitting higher at $75,800.