Crypto: Bitcoin Bulls Blitz $69k As Retail Traders Pressure Short Positioning

Bitcoin rallies above $69,000 as retail traders apply pressure to short positions and aim to generate a lasting bullish trend change.

Bitcoin (BTC) rallied to $69,482 on Friday, and the rally coincided with data showing steady accumulation from smaller-sized holders in February.

Analysts say the breakout may evolve into a broader bullish trend, although other data suggests that a longer period of price consolidation will underlie the emerging bull trend.

BTC broke above the $69,000 resistance and its descending channel, triggering $92 million in short liquidations within four hours.

Small wallets added $613 million in February, while the whale wallets stalled with $4.5 billion in outflows.

Short-term holder profit-ratio indicator hit its lowest level since November 2022, underscoring weak sentiment over the past few weeks.

Bitcoin has pushed above the upper boundary of its descending channel and retested $69,000. The move marks a potential bullish break of structure (BOS), if BTC holds above $68,000.

If BTC holds above this reclaimed level, the next internal liquidity zones sit near $71,500 and $74,000. The 50- and 100-period exponential moving averages (EMAs) are now compressing beneath the price on the one-hour chart, reinforcing the possibility of the short-term momentum continuing.

The latest price surge triggered about $96 million in futures liquidations over the past four hours, with nearly $92 million coming from short positions, signaling a short squeeze on bearish traders.

BTC liquidations were primarily concentrated on Bybit (22.5%), Hyperliquid (22%) and Gate (15%), suggesting these platforms account for a significant share of active leveraged positioning in the market.

Source: CoinTelegraph