Bitcoin: 3 reasons why BTC surged past $69K within hours

Bitcoin [BTC] led the broader crypto market as its rebound strengthened the case for a July bottom.

BTC gained by double digits, pushing its Market Cap above $1.40 trillion. Institutions, whales, and retail traders bought, while forced short closures amplified the rally. As a result, Bitcoin escaped its sideways range and reached $69.84K, preserving short-term bullish momentum.

Institutional capital forces massive short liquidations

One of the institutions was BIT.com, formerly Matrixport. The institution withdrew 894.72 BTC valued at $61.93 million from Binance to an external wallet. This accumulation came shortly after another 3.38 BTC buy worth $234K.

Apart from the institutional capital, the uptrend was accelerated by short squeezes.

The crypto market saw the largest short liquidation ever, of $2.66 billion, surpassing the October 10th crash that wiped out $2.46 billion. Of this total, BTC short orders worth $1.13 billion were wiped out, with whales suffering the largest losses.

For instance, one lost 1,800 BTC worth $117 million, while others lost 677 BTC and 500 BTC, worth $44 million and $33 million, respectively.

Can BTC break past $70K?

Bitcoin’s technical structure also supported the move. BTC had traded between $59K and $67K since early June before clearing the two-and-a-half-month resistance.