Bitcoin, the dominant cryptocurrency, has successfully surpassed the $68,000 mark, reaching an intraday high of $69,199, according to CoinGecko's data.

The significant movement in Bitcoin's price activated a volatility alert from the 100eyes Crypto Scanner. The cryptocurrency had a price surge of over 5% in the last 24 hours, recovering most of the losses incurred earlier in the week.

Earlier this month, Bitcoin experienced a sharp decline hitting the $65,000 level, attributed to disappointing Bitcoin exchange-traded fund flows and the changing expectations of rate cuts by the Federal Reserve.

With the Bitcoin halving event just around the corner, uncertainty grows over its potential impact on miners. Despite concerns, analysts like CryptoQuant's J. A. Maartunn correctly forecasted a relief rally following the recent price correction by analyzing buying and selling volume changes.

Recent data from CoinGecko shows a substantial amount of short positions being liquidated, with over $22.5 million in the last hour alone. The total liquidation of short positions in the past day is nearly $92 million. Though expectations were high for Bitcoin to breach the $69,000 level, it remains uncertain if Bitcoin will secure a firm position above this level due to significant resistance.