ChainThink reports that on August 20, according to Bloomberg, Bitcoin rose as much as 8% to around $69,500 on Wednesday, breaking out of a trading range that had persisted for months, marking its largest gain since March and reaching its highest level since early June.
Trump is expected to meet with executives from companies such as Coinbase, Payward, and Blockchain.com.
IG’s Chief Technical Analyst, Axel Rudolph, said this rally was triggered by short covering, with Bitcoin reclaiming the 100-day and 200-day moving averages, but sustaining momentum and further challenging the $75,000 level remains a test.
Coinglass data shows that liquidations exceeded $1 billion in a single hour, with approximately $1.5 billion in liquidations over the past 24 hours. The U.S. SEC this week proposed an exemption from securities registration requirements for certain digital asset issuances;
The U.S. Treasury announced it would at least double the scale of liquidity support repurchase operations for 10- to 30-year Treasury securities, pushing down U.S. Treasury yields and the dollar.
Deribit data shows that Bitcoin options open interest is primarily concentrated around the $60,000 put and $70,000 call options.