ChainThink report, August 20: According to Bloomberg, Bitcoin rose as much as 8% on Wednesday to around $69,500, breaking through a months-long trading range, recording its largest gain since March and reaching its highest level since early June.

Trump is expected to hold meetings with executives from companies including Coinbase, Payward, and Blockchain.com.

Axel Rudolph, Chief Technical Analyst at IG, stated that this rally was triggered by short covering, with Bitcoin reclaiming above both the 100-day and 200-day moving averages; however, whether it can sustain momentum and further challenge the $75,000 zone remains under scrutiny.

Coinglass data shows hourly liquidations exceeding $1 billion, with total liquidations in the past 24 hours amounting to approximately $1.5 billion. The U.S. SEC has this week proposed exemptions for certain digital asset issuances from securities registration filing requirements;

The U.S. Treasury announced it will at least double the scale of its liquidity-supporting repo operations for 10- to 30-year Treasury notes, driving down U.S. bond yields and the U.S. dollar.

Deribit data indicates that Bitcoin options positioning is primarily concentrated around $60,000 put options and $70,000 call options.