Bitcoin surges toward $70K as $1.14B in crypto shorts liquidated in an hour

Published Aug 19, 04:10 PM UTC

Bitcoin surged toward $70,000 on August 19, 2026, reaching an intraday high of $69,749 amid a massive short squeeze that liquidated $1.14 billion in crypto short positions within an hour. Total liquidations reached $1.22 billion for the period, with Bitcoin accounting for $677.64 million, Ethereum $422.90 million, and Solana $37.88 million. The rally represents a 19% recovery from the $57,735 swing low, though Bitcoin remains well below its October 2025 record above $126,000. The short squeeze occurred ahead of a White House meeting where President Trump is expected to discuss crypto market-structure rules with SEC Chair Paul Atkins, CFTC Chair Michael Selig, and executives from Coinbase, Ripple, and Kalshi. The Federal Reserve's July meeting minutes are also due. Spot Bitcoin ETFs turned net positive again after outflows. Technical analysis shows Bitcoin testing the golden pocket resistance zone between $70,284 and $73,245, with a daily close above $70,284 potentially opening room toward $73,245.