Bitcoin's largest daily rally in five months shifts market sentiment from bearish to neutral, surprising traders.
Macro & Markets ·
Bitcoin climbed 8.7% to an intraday peak of $69,749 on Wednesday, marking its steepest single-day move since March 4 and highest price since June 1. The rally, triggered partly by a U.S. Treasury announcement to double long-bond buybacks and $1.14 billion in short liquidations across crypto, shifted prediction-market odds on Myriad's BTC price outcome from roughly 70-30 bearish to nearly balanced within 24 hours. Traders on other platforms like Polymarket and Kalshi had underestimated both the scale and speed of the move, having priced in significantly lower probabilities for Bitcoin's move above key resistance levels now breached.