Bitcoin climbed to its highest level in two months, breaching $69,000 and crossing above its 100-day moving average as buying pressure intensified. Within a single hour, $1.14 billion in short positions were forcibly closed, amplifying the upward move. The rally followed White House meetings with crypto industry leaders and softening signals from the Federal Reserve on interest rates.
A confirmed break above the 100-day moving average often draws in technical buyers who had been waiting on the sidelines, which can sustain a move for days or weeks after the initial trigger. The short liquidation cascade means a large portion of near-term selling pressure has already been forced out of the market. Crypto-adjacent equities and ETFs holding Bitcoin spot exposure stand to benefit if the price holds above $69,000.
Next FOMC meeting: July 30-31. Next CPI inflation report: approximately July 11. Any official announcements from the White House crypto policy meetings.
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