Bitcoin nears $70K as shorts face $1.14B wipeout

• Bitcoin (CRYPTO:BTC) reached $69,749 as crypto short liquidations hit $1.14 billion in one hour.
• Bitcoin accounted for $677.64 million of those liquidations, according to CoinGlass data.
• The move came before a White House crypto meeting and new Federal Reserve minutes.

Bitcoin (CRYPTO:BTC) reached $69,749 on Wednesday, rising 9.3% from the week's opening price of $62,832.

The move extended Bitcoin's recovery from a $57,735 low, although it remained below its October 2025 record above $126,000.

CoinGlass data showed $1.14 billion in crypto short positions were liquidated within one hour, with Bitcoin accounting for $677.64 million.

Ethereum (CRYPTO:ETH) accounted for $422.90 million of the hourly liquidations, while Solana (CRYPTO:SOL) accounted for another $37.88 million.

Short liquidations occur when exchanges close leveraged bets after losses leave traders without enough collateral to cover their positions.

The rally came before a White House meeting involving President Donald Trump, regulators and crypto executives, including Coinbase and Ripple.

Bitcoin was trading near $68,689, with $70,284 identified as the next resistance level and $68,000 as a key downside level.