The gain extends a recovery that has now pulled Bitcoin roughly 19% off the $57,735 swing low marked on the chart, though it remains well below the record above $126,000 set in October 2025.
Myriad: Bitcoin's next move? Click to make your prediction.
That hourly short-liquidation total already covers roughly 87% of the past 24 hours' short liquidations, which stand at $1.31 billion across 112,004 traders, CoinGlass data shows, with the largest single order a $32.18 million ETH position wiped out on Bitget. Traders who bet against these assets by borrowing and selling them are now being forced to buy back at a loss—a scramble that itself pushes prices higher.
Wednesday's rally comes hours ahead of a White House meeting where President Trump is expected to sit down with SEC Chair Paul Atkins, CFTC Chair Michael Selig, and executives from Coinbase, Ripple, and Kalshi to discuss crypto market-structure rules. The Federal Reserve's July meeting minutes are also due out later Wednesday, with traders paring back bets on a rate hike that had topped 80% odds earlier this year, according to prediction-market pricing.
Spot Bitcoin ETFs are helping too, turning net positive again this week after a stretch of outflows. Skybridge Capital's Anthony Scaramucci said the bounce shows Bitcoin's bear market is nearly done, arguing the asset's roughly 55% drawdown from its high is milder than prior cycles.
The data tells a different story from the bear-market headlines.
This is a clear Bitcoin bear market, and yet we've only had a 55% drop, whereas in other bear markets you've gotten a 75-80% drop.
Bitcoin price: What the charts sayBitcoin's weekly chart opened at $62,832 and is closing near $68,689, a candle stretching from $62,690 to $69,749. That puts price right against the golden pocket, a resistance zone the chart flags between $70,284 and $73,245.
The movement is strong enough to put Bitcoin back on top of the average price of the last 200 days, which is a relief in terms of bear pressure and maintains the weekly bullish sentiment alive even if the coin is bearish on shorter timeframes.
The level to watch is $70,284, the low edge of the golden pocket and the next concentration of short interest. A daily close above it opens room toward $73,245. Losing $68,000 on a daily close would put Bitcoin back inside the range that's capped it since June.
