Bitcoin (BTC) has surged over 8% in the last day, climbing from $62,000 to $77,000 in just five days, driven by various developments that led to a significant short squeeze in the cryptocurrency market.
Over the past 24 hours, short liquidations have skyrocketed, totaling $1.2 billion, and now exceeding $4.4 billion, primarily attributed to failed BTC shorts.
Recently, the U.S. Securities and Exchange Commission (SEC) introduced steps aimed at regulating the crypto industry, signaling a commitment to support its development ahead of the anticipated Clarity Act approval.
Additionally, President Donald Trump held discussions with cryptocurrency leaders at the White House, reaffirming his intention to advance this important legislation within the current year.
Bitcoin ETFs Attract $1.6 Billion in Just Four Days
Market reactions have been overwhelmingly positive, disregarding the recently released hawkish comments from the FOMC minutes.
Over the past week, BTC has achieved a remarkable 24% increase, surpassing multiple resistance levels identified as short-term targets in prior Bitcoin price analyses.
One crucial level that this rally has cleared is the $72,000 threshold, coinciding with the current position of the 200-day exponential moving average (EMA).
This marks the first instance of BTC trading above this technical indicator since November 2025, potentially indicating the onset of the next bullish market.
Exchange-traded funds (ETFs) linked to Bitcoin have witnessed significant daily inflows recently, with investors injecting over $1.6 billion into these products due to the recent price surge.
Monthly net inflows have now exceeded $2 billion—the highest monthly figure since October 2025.
Bitcoin May Quickly Reach $100K If This Key Level Is Surpassed
Looking at the weekly chart, our recent $75K target for Bitcoin has been reached, with a long-term buy signal about to be confirmed, paving the way for a potential increase towards the $200,000 zone in the future.
Recent price movements originate from the $60,000 region, forming a bullish W-shaped pattern, which will be validated if BTC surpasses the $80,000 mark.
Should this occur, the $100,000 psychological barrier will likely emerge as the immediate target for Bitcoin in the near term, with the crypto market appears to have already factored in the forthcoming approval of the Clarity Act, propelling the current rally.