Bitcoin rose significantly on Wednesday, at a time to $69,749, with a single-day maximum increase of 8.7 per cent. This was the largest single-day increase since the beginning of March and the highest since 1 June, when market sentiment was clearly repaired in a short period of time.

United States Treasury Department moves to drive risk preferences

This round is not entirely driven by inside-the-moderate news. The United States Department of the Treasury indicated on Wednesday that the size of the single purchase order of long-term national debt would at least double from $2 billion to $4 billion from September 9. Following the announcement, long-term United States debt return fell, the United States dollar weakened and the risk assets benefited as a whole.

In the case of bitcoin, the downside of the rate of return meant a reduction in the opportunity cost of holding interest-free assets, and a weakening of the dollar would increase the attractiveness of dollar-denominated assets to overseas buyers. Such a relaxed trading environment is referred to by some marketers as “light QE”.

Zooming in.

As the market rose, the empty warehouse of derivatives was rapidly squeezed. The CoinGlass data show that within an hour, the market had an empty position of $1.14 billion, of which a bitcoin-related level of $677.6 million.

  • Strategy grew close to 12% that day.
  • Coinbase up by about 9%
  • Circe and Bitmine increased by about 9 to 10%

The concentration of the empty patches further magnifies price volatility and forces the encryption concept unit to synchronize. The report also mentioned that on the same day the White House had a meeting with the senior and supervisors of the encryption industry, while the United States Securities Commission had proposed a new programme to liberalize the registration requirements for some digital asset issuances. The combination of these factors reinforces the market ' s judgement that short-term risk preferences are rising.

Projected market shift towards near equilibrium

After rapid price rises, the projected market rate of loss is also adjusted significantly. Myriad's contract for the next move of bitcoin was still about 70% of the betbitcoin going down to $55,000 a few days ago, not up to $84,000.

  • The probability of falling to $55,000 is about 51.9%.
  • It's about 48.1%.

Similar changes occur on other platforms. Polymarket previously touched a price of $55,000 during the year of thebitcoin before it reached $75,000; and Kalshi's probability pricing of $67,500 and $70,000 for the August breakthrough was conservative, but in the Wednesday line, these short-line thresholds were quickly breached.

Seventy thousand dollars up to a new observation post.

The report suggests that the projected market adjustment is more a re-pricing of the empty, squeezed, than a clear confirmation of longer-term trends. Short-line traders have not previously fully taken into account the possibility of such a large ray.

From the price position, US$ 70,284 is considered the next important observation point. If this level of the dayline station were to continue, the market might continue to explore US$ 73,245; if US$ 68,000 were to be lost, bitcoin could return to the shock zone since June.