Bitcoin crossed the $70,000 mark on Wednesday, reaching a high of $72,164, up 11.7% in 24 hours, a first since early June. The move was driven by a massive short squeeze with approximately 163,000 traders liquidated and short positions estimated between $1.3 and $2.7 billion. BTC has climbed back above its 200-day moving average, a level closely watched by institutional investors as a trend indicator. Whales accumulated $2.9 billion over 60 days while US spot Bitcoin ETFs recorded $517 million in net inflows on August 19. However, Bitcoin remains 42.8% below its all-time high of $126,195 reached in October 2025.
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