Bitcoin Nears $70,000 as Trading Volume Jumps 34% on 4.32% Gain
Bitcoin rose 4.32% to $68,547.48 with trading volume up 34% as it neared $70,000, while Ethereum climbed 8.31% to $2,062.69. However, structural selling pressure persists and fund flow ratios remain low, prompting warnings that this advance could be just a relief rally.
1. Cryptocurrency Market Rebound
Bitcoin jumped 4.32% to $68,547.48 as it approached the $70,000 mark, driven by a 34% surge in 24-hour trading volume. Ethereum rose 8.31% to $2,062.69, XRP gained 5.16% and Dogecoin added 8.95%, while over $580 million in liquidations wiped out predominantly bearish positions and Bitcoin open interest climbed 3.44%.
2. Relief Rally Warning
Data from CryptoQuant show Bitcoin’s fund flow ratio on Binance remains low, suggesting limited sell-side pressure and raising the prospect that gains could be the result of a short squeeze rather than a trend reversal. On-chain metrics from Santiment highlight a spike in FOMO discussions, often viewed as a classic signal for profit-taking rather than sustained upward momentum.