Bitcoin price rebounded to 7% to $69,487 on Thursday amid rising premiums and improved risk sentiment following Nvidia’s bullish report.
Summary
- Bitcoin price neared $70K amid brief squeeze and Nvidia earnings report.
- Spot Bitcoin ETFs brought in $257 million on Wednesday.
According to data from crypto.news, the price of Bitcoin (BTC) rose to $69,487 on Thursday, Feb. 26, before settling at around $68,200 at press time, still holding 4.6% gains in the last 24 hours. The bellwether recovery follows just two days after it fell below $63,000 amid investor fears over economic and geopolitical uncertainty.
Bitcoin price strengthened as investors bought the asset during the recent price decline. As the price of BTC rises, it has resulted in the elimination of the most profitable bets in all the powerful crypto markets. Data from CoinGlass shows that positions of approximately $576 million were removed from BTC futures, with approximately $470 million from short positions. Bitcoin alone accounted for $194 million in short completion.
Short-term liquidation occurs when rising prices force traders who bet on an asset to close their positions, when traders must buy back the asset at higher prices to cover their losses. This, in turn, leads to a rapid increase in prices through a feedback loop often called a short squeeze.
Another big boost to the price of BTC and other altcoins came from investors embracing a sense of vulnerability as stocks posted limited gains and broader risk sentiment improved with Nvidia Corp.’s latest bullish earnings report.
Notably, the Dow Jones Index rose 307 points on Wednesday. At the same time, the Nasdaq 100 and S&P 500 indices jumped by 351 and 56 points.
AI chip giant Nvidia, the world’s largest publicly traded company, reported record-breaking earnings for Q4 of Fiscal Year 2026. Revenue for the quarter hit a record high, growing 20% quarter-over-quarter and 73% year-over-year. For the full fiscal year 2026, total revenue reached $215.9 billion, a 65% increase over the previous year.
Earlier, investors were worried about the excessive use of AI by Big Tech giants. However, back-to-back bullish earnings from Nvidia, seen as a barometer of AI-driven trading, appear to have calmed investors’ nerves.
The return of income in the Bitcoin ETFs space is also likely to play a small role in improving investor sentiment. Data from SoSoValue shows that 12 Bitcoin ETFs recorded $257.7 million in inflows on Wednesday, marking the first triple-digit inflows since Feb. 10.
While not yet a strong sign of a long-term trend, investors take it as a positive sign that institutional demand remains strong despite recent market volatility.
Disclosure: This article does not represent investment advice. The content and materials presented on this page are for educational purposes only.
