Bitcoin rallied to nearly $70,000 during Wednesday’s New York session, with traders increasingly targeting $75,000–$80,000 as the next upside zone if key support levels hold.At the time of writing, Bitcoin (BTC) is trading around $69,000, hovering just above a critical technical trendline that could determine whether the recovery extends further.Key TakeawaysBitcoin must hold $68,000 support to sustain the rebound.$80,000 represents the next major liquidation cluster above price.US spot Bitcoin ETFs recorded over $765 million in two-day inflows, including $507 million in a single session.A break above $75,000 could trigger a short squeeze toward $80,000.Bitcoin Must Hold $68K for Recovery to ContinueTechnical analysts highlight the importance of the 200-week exponential moving average (EMA) near $68,000. A weekly close above this level would mark a significant structural shift.Analyst Rekt Capital noted that Bitcoin is attempting to flip this trendline back into support. Historically, failed attempts to reclaim this EMA have resulted in renewed downside pressure.On lower timeframes, traders are watching the 50 EMA on the four-hour chart, also near $68,000. Holding this level strengthens the case for further upside.A breakout above the 20-day EMA around $69,200 could open the door to $74,500, where sellers previously stepped in.Liquidation Heatmap Points to $80,000 TargetOn-chain and derivatives data suggest a growing liquidity cluster above current price levels.According to CoinGlass data:Roughly $2 billion in ask liquidity sits between $72,450 and $75,000.A breakout above $75,000 could trigger forced liquidations of short positions.The next significant liquidation cluster lies near $80,000.If momentum builds and short sellers are squeezed, traders believe BTC could accelerate quickly toward that $80K zone.Several market participants describe the current move as a “liquidity hunt,” where price seeks out areas with concentrated stop-loss and leverage positioning.Spot Bitcoin ETF Inflows Add Fuel to the RallyInstitutional demand has re-emerged as a key driver of price action.US spot Bitcoin ETFs recorded:$258 million in inflows on Tuesday$507 million in inflows on Wednesday$765 million total over two sessionsThe single-day $507 million inflow marked the strongest intake since early February.Analysts note that this wave of inflows appears institutionally driven rather than retail-led. Sustained ETF demand combined with technical breakout conditions could reinforce bullish momentum.Macro and Positioning Support Upside CaseBeyond technicals, broader market conditions have improved. Bitcoin’s recent rally coincided with strength in US equities and improving risk appetite.Traders argue that:ETF flows suggest accumulation rather than speculative FOMOShort positioning remains elevated, increasing squeeze potentialKey structural support levels are holdingHowever, failure to maintain support above $68,000 could invalidate the breakout thesis and expose BTC to renewed selling pressure.Is $80K the Next Magnet?While $80,000 remains a technical liquidity target rather than a guaranteed outcome, traders increasingly view it as the next major magnet if $75,000 is decisively broken.For bulls, the roadmap is clear:Hold $68,000 supportBreak and close above $69,200–$70,000Clear $75,000 liquidityTrigger squeeze toward $80,000If those levels align with continued ETF inflows and macro stability, the path to $80K becomes significantly more plausible, according to Cointelegraph.
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