Bitcoin Rallies 4% to Near $70,000 as Market Optimism Returns

TradingKey - Bitcoin price nears $70,000 as market bullish sentiment rebounds.

On Thursday (February 26), Bitcoin (BTC) saw a rare strong rally recently, jumping nearly 4% on the day to a high above $69,500, currently trading at $68,333. This marks the third time Bitcoin has rallied toward the $70,000 threshold since its plunge on February 5.

Bitcoin price chart, source: TradingView

The rebound in Bitcoin's price has driven gains across other major cryptocurrencies. Among them, Ethereum (ETH) surged over 7%, returning to the $2,000 mark; Ripple (XRP) rose more than 3%, currently trading at $1.42; Binance Coin(BNB) gained over 5% to $628.

The sudden strength in the crypto market caught bears off guard. In the past 24 hours, over 120,000 traders were liquidated for a total of $585 million, with short liquidations accounting for $473 million, or 81%.

Crypto market liquidation data, source: CoinGlass

Some analysts believe Bitcoin's rebound is linked to market maker Jane Street halting its sell-off. It is reported that the firm had allegedly been concentratedly selling Bitcoin at fixed times daily for several months but stopped selling after news of a lawsuit broke, easing market selling pressure and boosting investor bullish confidence.