Bitcoin (BTC), which had been weighed down by a prolonged downtrend, surged to the $69,000 level in one swift move accompanied by a powerful short squeeze (buying pressure triggered by the liquidation or covering of short positions). However, experts caution that it is still too early to view this as a complete trend reversal and urge a prudent approach.
According to cryptocurrency media outlet CoinDesk on February 26 (local time), Bitcoin rebounded more than 10% from Tuesday’s low, staging a relief rally to around $69,000. Fueled by the sharp rebound of the market leader, major altcoins such as Ethereum (ETH), Dogecoin (DOGE), Solana (SOL), and Cardano (ADA) recorded double-digit gains, swiftly reversing market sentiment.
The tailwinds in the digital asset market also drove sharp gains in related stocks. Circle, which reported strong earnings, jumped 34%, while cryptocurrency exchange Coinbase rose 14%, Strategy—the world’s largest corporate holder of Bitcoin—gained 9%, and Ethereum treasury firm BitMine climbed 12%, quickly recovering prior losses. This surge appears less driven by clear fundamental improvements and more characteristic of a technical rebound, as extreme market fear and accumulated bearish bets were liquidated in thin liquidity conditions.
Joel Kruger, market strategist at LMAX Group, warned that the rally was merely the result of overly crowded short positions reacting sharply to minor issues and should not be blindly interpreted as the start of a solid bull market. In contrast, Joshua Lim, global co-head of markets at FalconX, observed that investors are aggressively jumping on the rally seeking short-term profits, purchasing Ethereum call options between $2,000 and $2,200 and rotating funds into more volatile altcoins.
Another factor likely to heighten market volatility is the upcoming expiration on Friday of 115,000 Bitcoin options contracts worth $7.49 billion. Jasper De Maere, an OTC trader at Wintermute, noted that the max pain level—where option buyers face maximum losses—is formed around $75,000, which could act as a magnetic force pulling prices in the short term. However, he pointed out that fundamental drivers to sustain the upward momentum remain insufficient.
Ultimately, for this rebound to evolve beyond a mere technical bounce into a structural bull market, Bitcoin must break through multiple layers of resistance. The first key tests lie in the $70,000 and $72,000 zones where heavy selling previously emerged. Analysts at Bitfinex emphasized that a decisive weekly close above $78,000—the fair value calculated based on on-chain capital flows—is necessary before a genuine trend reversal can be discussed.
Disclaimer: This article is for investment reference only, and we are not responsible for any investment losses based on it. The content should be interpreted for informational purposes only.  <저작권자 ⓒ 코인리더스 무단전재 및 재배포 금지>
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