According to BlockBeats, on August 20th, citing Bloomberg, Bitcoin broke out of its months-long trading range on Wednesday, rising as much as 8% to around $69,500, its biggest gain since March and reaching its highest level since early June, amid industry executives gathering at the White House and rising optimism regarding market regulation. Trump is expected to hold meetings with executives from companies such as Coinbase, Payward, and Blockchain.com.

IG's chief technical analyst, Axel Rudolph, stated that the recent surge towards $70,000 was triggered by short covering, indicating a recovery in buyer confidence. However, whether the price can maintain momentum and further challenge the $75,000 area remains a crucial test. Bitcoin simultaneously climbed back above both the 100-day and 200-day moving averages on Wednesday. Coinglass data shows that the rapid rise triggered over $1 billion in liquidations within an hour, with approximately $1.5 billion liquidated in the past 24 hours.

On the regulatory front, the U.S. SEC proposed this week to exempt certain digital asset issuances from securities registration statement requirements to help startups and companies in their early stages of financing. Meanwhile, the U.S. Treasury announced it would at least double the size of its liquidity support repurchase operations on 10- to 30-year Treasury bonds, pushing down U.S. Treasury yields and the dollar.

Joshua Lim, co-head of markets at FalconX, said the market had been flooded with selling pressure for the past few weeks, but Bitcoin held firm in the $60,000 area, subsequently driving a shift in market sentiment and narrative. Deribit data shows that Bitcoin options open interest is primarily concentrated around $60,000 put options and $70,000 call options.