BlockBeats News, August 20th, according to Bloomberg, as industry executives gathered at the White House and market regulation optimism increased, Bitcoin broke out of its months-long trading range on Wednesday, surging as much as 8% to around $69,500, marking the largest gain since March and rising to its highest level since early June. Trump is expected to hold a meeting with executives from Coinbase, Payward, and Blockchain.com.

IG Chief Technical Analyst Axel Rudolph said that the move towards $70,000 was triggered by short covering, indicating that buyer confidence is recovering. However, whether the market can sustain momentum and further challenge the $75,000 region still faces a key test. Bitcoin also reclaimed both the 100-day and 200-day moving averages on Wednesday. Coinglass data shows that the rapid surge resulted in over $1 billion in liquidations within one hour, with a total liquidation volume of around $1.5 billion in the past 24 hours.

On the regulatory front, the U.S. SEC proposed this week to exempt certain digital asset issuers from securities registration requirements to aid early-stage and fundraising companies. Meanwhile, the U.S. Treasury announced that it will at least double the scale of liquidity support repurchase operations for 10 to 30-year Treasury bonds, driving down U.S. bond yields and the dollar.

FalconX's Co-Head of Markets, Joshua Lim, said that the market has been dominated by selling pressure in recent weeks, but Bitcoin held strong in the $60,000 low area, leading to a shift in market sentiment and narrative. Deribit data shows that Bitcoin options open interest is primarily concentrated around $60,000 puts and $70,000 calls.