Bitcoin (BTC to PKR) shows signs of a potential bullish turn as a small 4.3% price rise to $69,600 could trigger $600 million in short liquidations, forcing momentum back to the bulls. Recovering hashrate and the BIP-360 quantum security proposal strengthen network confidence, boosting the odds of a retest of $70,000.

BTC trades near $68,267 (≈ PKR 19.0–19.2 million), confined between $65,900 and $70,500 over the past week. Analysts estimate that even a modest surge to $69,600 would force liquidation of bearish futures positions worth over $600 million, compared to $385 million during the Feb. 6 rally from $60,200 to $70,560.

“Excessive bearish confidence could trigger a wave of forced liquidations, rapidly shifting momentum to bulls,” data suggests.

Funding rates remain negative, signaling that short traders dominate the market, but this also sets up the potential for a sharp short squeeze if BTC climbs above resistance.

US economic data shows slowing GDP growth (1.4% annualized in Q4 2025) and persistent inflation, weakening traditional market confidence. Rising geopolitical tensions and a strong gold rally (+25% in three months) may push investors toward alternative assets like Bitcoin.

“As Bitcoin trades 47% below its all-time high, its risk-reward profile becomes increasingly attractive to macro traders,” analysts noted.

Bitcoin’s seven-day average hashrate has rebounded to 1,100 exahashes/sec, showing network resilience after concerns miners might pivot to AI mining.

The BIP-360 proposal introduces post-quantum security measures via a backward-compatible soft fork, hiding public keys on-chain until spend. These advancements reduce long-term technical risk, making bulls more confident in a potential $70K push.

“Technological upgrades and recovering network health provide a clear path for bulls to regain narrative control,” experts said.

If BTC clears $69,600–$70,000 resistance, a cascade of forced short liquidations could rapidly accelerate a rally, potentially surpassing $70K in PKR terms. Short-term support remains around $66,000, with extended macro and technical drivers favoring a bullish reversal if conditions align.