Bitcoin Tops $75,000 Intraday as Some Analysts Call Rally Overdone

Bitcoin climbed above $75,000 for the first time in more than three months, though some analysts cautioned that the latest advance may have gone too far.

The Block reported on August 21 that Bitcoin traded as high as $75,560 intraday, up more than 8.9% over the past 24 hours. The rally was fueled in part by the US Treasury Department's announcement that it would at least double purchases to support liquidity in long-dated Treasuries with maturities of 10 to 30 years. New crypto-related proposals from the US Securities and Exchange Commission, along with a White House meeting between President Donald Trump and senior executives from major crypto firms, also added momentum.

The sharp rise triggered a wave of short liquidations. CoinGlass data showed that $2.75 billion of Bitcoin short positions were forcibly liquidated on Wednesday alone. Another $783.2 million of Bitcoin positions were liquidated over the following 24 hours, including $747.7 million in short positions.

Some analysts, however, questioned whether the rally can last. Shawn Young, chief analyst at MEXC Research, said the crypto market was attaching far more significance to the Treasury's intervention than it deserved. The Treasury had only opened a pressure valve, he said, but the market reacted as if the paradigm had shifted. Moves in Treasury yields merely forced short positions to unwind quickly and did not improve Bitcoin's macroeconomic backdrop, he added. In his view, Bitcoin's move above $70,000 was premature.

Dominic John, an analyst at Zeus Research, said short liquidations may lift prices in the near term. Once crowded short positions are exhausted, however, the rally will have to sustain itself through genuine spot demand, liquidity and macro fundamentals. The real test, he said, is whether fresh capital enters the market and turns a short-covering rally into a sustained advance. If the likelihood of the Clarity Act passing in September becomes more realistic, the rally could develop into sustainable market growth.

Meanwhile, Bitcoin's Fear & Greed Index stood at 62, placing it in "Greed" territory for its highest reading since October 2025, when the token reached a record high.