Bitcoin battles at the $70,000 mark! Meme coins take the opportunity to rebound, with PEPE soaring 30%

Bitcoin continues to fluctuate around the $70,000 mark. According to Coinglass data, if it falls below $68,000, the cumulative long liquidation strength on major centralized exchanges (CEX) will reach $1.08 billion; meanwhile, the market rebound has driven a broad rally in established meme coins, with PEPE surging over 30% in 24 hours to lead the gains.
(Background: CryptoQuant: Bitcoin’s “ultimate bear market bottom” at $55,000, bottoming out will take months, six key indicators are not yet in place)
(Additional context: Solana meme coin WhiteWhale rebounded over 42%, with “White Whale” traders floating profits exceeding $20 million)

Recently, Bitcoin has been oscillating near the $70,000 level after fluctuating in the $60,000 range. According to Coinglass data, two-way liquidation pressure is rising simultaneously:

• If Bitcoin drops below $68,000, the total long liquidation on major CEXs will reach $1.08 billion
• If Bitcoin breaks above $72,000, the total short liquidation on major CEXs will reach $792 million

The long liquidation pressure ($1.08 billion) is significantly higher than the short pressure ($792 million), indicating that a downward price break could trigger a more intense chain of liquidations.

Coinglass’s liquidation chart does not show the exact number of contracts pending liquidation or the value of liquidated contracts, but rather presents the relative importance of each cluster of liquidations, i.e., “intensity.”

Analysts warn of a “relief rally” with reduced pressure

The recent rebound in Bitcoin was mainly driven by last week’s US CPI data cooling to 2.4%, boosting risk assets across the board. However, many analysts warn that this rebound is more of a “relief rally” rather than the start of a new upward trend, as the crypto fear and greed index remains in extreme fear territory.

JPMorgan analysts are optimistic about the second half of the year, believing that continued institutional inflows will be the main driver of the crypto market into 2026.

Established meme coins rally across the board, PEPE leads with 30% surge

Against the backdrop of Bitcoin stabilizing, classic meme coins are experiencing a collective rebound:

• PEPE: up over 30% in 24 hours
• DOGE: up over 18% in 24 hours
• FLOKI: up over 12% in 24 hours
• WIF: up over 10% in 24 hours
• SHIB: up over 10% in 24 hours
• BONK: up over 10% in 24 hours

This wave of meme coin gains is seen by some traders as an early sign of the return of “Meme Season.” As Bitcoin rebounds from lows and stabilizes, capital begins rotating into high-beta assets, benefiting meme coins first.

However, most meme coins are still down 70% to 90% from their peaks last year, so while chasing the rally, traders should remain cautious of potential pullbacks.