Bitcoin briefly climbed to $70,048 before retreating sharply, capping a fast move that started around 7 p.m. the previous evening. BTC advanced from the $65,000 area and gained more than $5,000 in roughly 10 hours, only to give back part of the move within minutes. At the time of writing, it was trading at $68,439.
Ether followed the same pattern. It rebounded from around $1,900, broke above $2,148 during the rally, then slipped back to about $2,058. The synchronized rise and pullback in both assets pointed to a rapid expansion in intraday volatility rather than a clean breakout holding at the highs.
Short positions were squeezed during the spike
The sudden move higher caught bearish traders off guard. On-chain data cited in the report showed that short liquidations reached $473 million over the past 24 hours, making it one of the larger short-side wipeouts seen recently. As price pushed through areas with concentrated short positioning, forced liquidations added fuel to the rally and helped drive Bitcoin above the $70,000 level for a brief period.
The reversal was just as notable. After touching $70,048, Bitcoin quickly fell back, suggesting that selling pressure remained active above the psychological threshold. Ether also failed to hold its intraday high after breaking $2,148, showing a similar lack of follow-through.
NVIDIA earnings boosted broader risk sentiment
The crypto move came as traditional markets also received a strong catalyst. After the U.S. stock market closed, NVIDIA reported results for the fourth quarter of fiscal 2026 that topped Wall Street expectations across major metrics. Revenue came in at $68.1 billion, up 73.2% year over year. Earnings per share were $1.62, up 82%. Data center revenue reached $62.3 billion, up 75% and accounting for more than 91% of total revenue. The company also guided for $78 billion in next-quarter revenue, implying 77% annual growth.
The report said those numbers helped ease concerns over AI-related valuations and supported a broad rally in U.S. equities, with Asian stocks expected to open stronger on Thursday. For crypto markets, firmer risk appetite is often watched closely, but the latest price action in Bitcoin and Ether still showed that sellers remained active after the spike.