Bitcoin Tops $75,000 Intraday as Some Analysts Call Rally Overdone

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Bitcoin climbed above $75,000 during intraday trading for the first time in more than three months, but some analysts said the rally has run too far, too fast.

The Block reported on August 21 that Bitcoin traded as high as $75,560, gaining more than 8.9% over the past 24 hours. One catalyst was the US Treasury's announcement that it would at least double purchases to support liquidity in long-term Treasuries with maturities of 10 to 30 years. New crypto-related proposals from the Securities and Exchange Commission and a White House meeting between President Donald Trump and executives from major crypto firms also helped drive the advance.

The jump also sparked a wave of short liquidations. CoinGlass data showed $2.75 billion of Bitcoin short positions were forcibly liquidated on Wednesday alone. Another $783.2 million of Bitcoin positions were liquidated over the following 24 hours, including $747.7 million in shorts.