Bitcoin surged past $69,000, reaching $69,840 with double-digit gains that pushed its market capitalization above $1.40 trillion. The rally was driven by three factors: institutional capital inflows, massive short liquidations totaling $2.66 billion, and a technical breakout above the $67,000 resistance level that had held for two and a half months. BIT.com withdrew 894.72 BTC ($61.93 million) from Binance, while the market saw its largest short liquidation ever, including $1.13 billion in BTC shorts wiped out. Key levels to watch are $66,000-$68,000, as over 1,000 long liquidation levels remain below $67,000, posing a risk of a downside sweep.
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