Bitcoin has risen more than 9 percent over the past week, putting it within sight of a return above the $70,000 mark.

On Aug. 19, blockchain media outlet Decrypt reported that bitcoin climbed as high as $69,749 intraday before trading around $69,100.

The rally was also influenced by large-scale short-position liquidations. CoinGlass said $1.14 billion worth of short positions across the cryptocurrency market were liquidated over the past hour. Total liquidations over the same period were tallied at $1.22 billion. By asset, bitcoin was the largest at $677.64 million, followed by ethereum at $422.9 million and solana at $37.88 million.

Over the past 24 hours, short-position liquidations reached $1.31 billion. A total of 112,004 accounts were liquidated, and the largest single liquidation was a $32.18 million ethereum position on Bitget. The market sees a typical "short squeeze" in which positions betting on a price decline are forcibly liquidated, drawing in buying that then lifts prices again.

Bitcoin is up about 19 percent from its recent low of $57,735. It still remains far below the record high above $126,000 set in October last year.

As the uptrend continues this week, attention is also focused on whether key resistance levels will be broken. Bitcoin moved between $62,690 and $69,749 this week and approached $70,284 to $73,245, cited on charts as a major resistance zone.

The lower likelihood of an interest-rate increase within the year is also cited as a factor lifting risk-asset sentiment. In prediction markets, betting on the chance of a rate increase this year, which at one point topped 80 percent, has recently fallen sharply. Demand-supply pressure also eased somewhat as outflows from spot bitcoin exchange-traded funds reversed.

SkyBridge Capital founder Anthony Scaramucci (앤서니 스카라무치) viewed bitcoin's bear market as entering its final stage. He said bitcoin's decline from its peak has been limited to about 55 percent, saying, "It's clear bitcoin has gone through a bear market, but the decline is noticeably smaller than in other bear markets." He then mentioned the possibility that net long positions may already be building.

Technically, whether bitcoin can regain its 200-day moving average is also a key point to watch. The market says the recent rise has lifted bitcoin above its 200-day moving average, easing bearish pressure somewhat.

If bitcoin breaks above $70,284 on a daily closing basis, room could open for a further rise to $73,245. If it closes below $68,000, analysis suggests it could slip back into the range that has persisted since June.