#特朗普发表国情咨文 As of February 26, 2026, the cryptocurrency market has welcomed a retaliatory rebound after a sustained decline, with Bitcoin approaching $69,000 and Ethereum regaining $2,000, resulting in massive liquidations for shorts.

📈 Today's core market (February 26)

· Bitcoin: approximately $68,200 ~ $68,900 (24h +6.07%~+7%), peaked at $69,479~$69,869.$BTC

· Ethereum: approximately $2,046 ~ $2,085 (24h +8%~+12%), recorded the largest intraday increase since February 6.$ETH

· Market liquidation: Over the past 24 hours, total liquidations amounted to $379 million~$463 million, with shorts accounting for a staggering 86% (approximately $327 million), leading to a cascading liquidation of shorts.

· Sentiment indicator: The Fear and Greed Index is at 6 (extreme fear), slightly rebounding from yesterday but still in a historically low range.

🚀 Core upward driving logic

· Short squeeze: Bitcoin violently rebounded from below $63,000 to nearly $69,000, triggering a chain reaction of short liquidations, with short positions dominating the past 24 hours and accelerating price increases.

· Macro breather: After the U.S. January CPI unexpectedly slowed to 2.4%, coupled with Trump's State of the Union not releasing any new major impactful policies, risk assets have seen a 'relief rebound'.

· Bottom-fishing capital entering the market: Orbit Markets co-founder states that this round of upward movement reflects 'buying on dips' behavior after a sustained sell-off. Cryptocurrency-related stocks surged simultaneously, with Circle rising over 20% and Coinbase up 13%.

⚠️ Current market focus

· The rebound's quality is pending verification: Wintermute's OTC trading head warns that unless Bitcoin reclaims $75,000, it is unwise to overly interpret short-term rebounds. Glassnode data shows that about 45% of circulating Bitcoin currently has a market value below the holder's cost price, making each rebound susceptible to liquidation pressure.

· Macro focus: Nvidia earnings report: Traders' attention turns to Nvidia's earnings report after market close today, serving as an important 'thermometer' for the AI market, with its performance and guidance potentially influencing cross-market risk appetite.

· Technical key levels: Watch for resistance at $70,000-$75,000 above; support to note at $64,000-$65,500 below.

🔮 Future outlook

The current rebound is driven by short squeezes and bottom-fishing capital, but market confidence has not yet truly reversed. Historical experience shows that after significant declines, the market often needs to undergo several months of sideways fluctuations before re-entering a growth cycle. Until there is a clear macro turnaround, the market is expected to maintain a wide-ranging fluctuation pattern.

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Please note: The above content is merely a compilation of market information and does not constitute any investment advice. The cryptocurrency market is highly volatile, and investments should be made with caution.