Washington’s new measures against the ICC have been widely condemned but welcomed by Israel.
The United States has issued more sanctions against the International Criminal Court (ICC), sparking condemnation from the United Nations and the European Union.
But it is just the latest pressure from Washington since the ICC issued a warrant for Israeli Prime Minister Benjamin Netanyahu for alleged war crimes in Gaza.
So is the future of the court in danger?
Presenter: James Bays
Guests:
Geoffrey Nice – Human rights lawyer who worked on ICC cases
Greg Swenson – Chairman of Republicans Overseas UK
Kenneth Roth – Visiting professor at Princeton University and former executive director of Human Rights Watch
Ethereum [$ETH] led the broader altcoin market after surging by more than 18% in the past hours, at press time. Ethereum surges back above the $2,000 level as bullish momentum continues to push it to higher zones.
Leverage, new investors, supply dynamics, and a breakout from an accumulation pattern influenced this sudden uptick. Can bulls sustain this uptrend and stay above $2K?
$ETH exchange supply falls 15%
For leverage, a whale created a fresh wallet and loaded $20 million in USDC on the Hyperliquid exchange. The amount was deposited in three transactions of $10 million, $9.41 million, and $589K. Then, the whale opened a 4x leveraged long position of 20K $ETH, worth $45.38 million.
The position coincided with the sudden surge, suggesting the whale could be privy to the move. Technically, Ethereum was about to breakout from a sideways range. As a result, the whale is sitting at an unrealized profit of $6.66 million.
Ethereum Spot ETFs added to the buying pressure, as per data from SoSoValue. Participants bought $189.15 million prior to the 18% move, the largest single-day buying volume in 10 months.
$ETH Spot ETFs by BlackRock, Fidelity, and Grayscale led the pack with $122 million, $36.54 million, and $16 million, respectively. Even from a broader perspective, investors still bought Ethereum aggressively.
According to Santiment data, the exchange supply of $ETH declined by 15% in eleven weeks. The supply plunged from 7.70 million on the 2nd of June to 6.54 million on the 18th of August, with roughly 1.15 million $ETH coins withdrawn.
Source: Santiment
Can $ETH’s price reach $2,500?
The charts showed the altcoin first hinted at a bottom on the 6th of June, after rebounding at $1,549. The potential bullish reversal was reinforced by the double bottom whose neckline at $1,800 was broken through.
The retest of the breakout lasted for a month before the eventual breakout. Now, Ethereum appears to be headed toward $2,500. The Bull/Bear Power (BBP) has hit its highest level this year, at about 528 as of writing. Additionally, large transaction count has increased from 2,690 to 6,910, almost a 3x increase in a day.
Source: $ETH/USDT on TradingView
While this move is a signal of shifting market structure, bulls need to push $ETH past $2,500 for a confirmation. The zone acts as the most recent lower high of the existing bearish market structure.
If the zone were turned into support, Ethereum would turn bullish in the midterm. Otherwise, the supply zone of $2,500 could reverse the current aggressive buying pressure, though it looks unlikely.
Final Summary
Ethereum rallied over 18% as $ETH Spot ETFs saw their largest single-day inflows in 10 months.
$ETH price action is bullish in the short term but needs to flip $2,500 to shift the market structure to bullish in the mid-term.
Let the music play with this deal. Amazon has the Bose SoundLink Plus Bluetooth speaker on sale for $199, down from its regular $269 list price. This gives you a 26% discount on a premium portable speaker featuring resonant acoustics with booming bass, IP67 dust and waterproof durability, up to 20 hours of battery life, USB-C power-out charging, and Bose SimpleSync connectivity. Connect with this deal before it’s too late.
Securing a premium, rugged outdoor speaker equipped with 20-hour stamina, custom app EQ tuning, and phone-charging capabilities for under $200 is an exceptional value. It makes this flash clearance the ideal window to upgrade your outdoor entertainment system or travel audio kit.
This $70 price cut lowers the financial barrier typically tied to premium audio, giving hikers, beachgoers, and backyard hosts an opportunity to capture signature Bose acoustic warmth and go-anywhere durability without standard retail price strain. I’d grab it before the discount gets any ideas!
The Bose SoundLink Plus speaker gets the party started with bold, resonant acoustic drivers with deep, booming bass. It comes with an IP67 dust proof, waterproof, shock-resistant, and rust-proof build with an integrated carry loop. PCMag expert Christian de Looper even rated it “Excellent” in his in-depth review, calling it a high-end portable speaker with a stylish and rugged design, good sound quality, and support for a wide range of Bluetooth codecs. Completed by up to 20 hours of battery life, USB-C device charging, custom app EQ tuning, and SimpleSync smart pairing, it effortlessly handles your on-the-go music needs.
The Bose SoundLink Plus masterfully pairing rich acoustic depth with an adventure-proof design. At under $200, it places 20 hours of battery life, USB-C device charging, and IP67 weather resistance straight into your backpack. Get one, and make sure the party never stops.
Recommended by Our Editors
However, if you’re looking to overhaul your entire audio setup, check out PCMag’s Amazon Back-to-School roundup, which features epic discounts on speakers, headphones, and earbuds, along with a lot more.
The Toronto Film Festival has unveiled its final Summit lineup for its inaugural TIFF: The Market event, launching in September.
Actor and director Seth Rogen, actor Colman Domingo, Slumdog Millionaire director Danny Boyle and Nigerian media mogul Mo Abudu join the roster of speakers headed to Toronto for the Sept. 10 to 16 run for TIFF: The Market.
Rogen and Boyle will appear as part of the Visionaries program, presented by The Hollywood Reporter, which earlier announced Gary Oldman as one of its speakers. And the Dialogues program is adding Hirokazu Kore-eda, Yeon Sang-ho, Kat Sandler, Rick Hansen, Amber Midthunder, Broderick Johnson, Brad Kane and Cody Lightning to its own lineup.
And the Perspectives section will include a session with Clint Bentley, Greg Kwedar and Colman Domingo talking about equity and parity in indie film, and another about global sales led by CAA’s Roeg Sutherland and FilmNation’s Glen Basner. There’s also a fireside chat with Club Kid director Jordan Firstman.
In all, the TIFF: The Market will include over 70 sessions and events. “Our aim was to reflect the big questions and opportunities facing the industry,” Charles Tremblay, head of TIFF: The Market, said in a statement. “Giving delegates the diverse perspectives they need to navigate the shifting global dynamics was also a key part of our strategy; we’re thrilled to see how well it’s all come together.”
After years of informal dealmaking in Toronto, TIFF will launch its first fully fledged content market at next month’s event and to run alongside the festival. The Market aims to become an official market in Toronto to go beyond film content to serve as a one-stop shop for buying and selling television, gaming and immersive formats.
The Toronto Film Festival is set to run Sept. 10 to 20.
Like to keep an eye on your physical health as much as you do the time? You can check both at once with a smartwatch, arguably one of the most popular wearable devices money can buy. Garmin is considered royalty in the wearable space, especially among athletes and runners, and has a whole assortment of smartwatches to choose from.
But allow me to put the spotlight on the Garmin Vivoactive 5 smartwatch right now. Why? Not only does it pack GPS tracking, 11-day battery life, and health tracking into its bright display—it’s also a massive 37% off right now on Amazon. That cuts $110 off the $299.99 list price, bringing this smartwatch below $200. It’s savings time, baby!
Garmin Vivoactive 5
4GB storage, 264-hour battery life, 164 feet water resistance
Sure, the Vivoactive 5 can tell the time, but that’s the least interesting thing about this smartwatch. It has a gorgeous, vibrant 1.2-inch AMOLED display that gives you a quick status snapshot of your daily activity, along with the hour and minute, which you can customize to your liking. It might not be the newest version of the Vivoactive, but this smartwatch still packs all the punchy features you need to paint a holistic picture of your health.
It can track any way you move, with more than 30 preloaded GPS and indoor sports apps, including running, walking, swimming, and even wheelchair-based activities. But if you need a little guidance, you can follow exercises built right into your watch instead—or even create your own in the app. However, my favorite bit will pique your interest if you’re a runner: the watch also features the Garmin Coach, which provides free adaptive 5K, 10K, and half-marathon training plans right from the experts themselves.
The Vivoactive 5 also offers advanced health features such as menstrual and pregnancy tracking, HRV status, sleep data, heart rate monitoring, Pulse Ox, stress metrics, and more. The watch will also consolidate all the data it collects to deliver a Body Battery rating that shows your energy levels, sleep quality, and how stress might be affecting your day. It comes wrapped up in a morning report that helps you prepare for the day ahead!
Recommended by Our Editors
All that with an 11-day battery life, 4GB of storage, and water resistance up to 164 feet? It’s enough to warrant an “Excellent” rating in our detailed review. PCMag expert Andrew Gebhart especially loved it for its rounded design and onboard music storage. And for $110 off, the time is ticking to snag your own!
And if you’re looking for something different, check out our experts’ list of the best smartwatches for 2026!
If you purchase an independently reviewed product or service through a link on our website, The Hollywood Reporter may receive an affiliate commission.
On Aug. 18, Peacock implemented its fourth price hike in four years, increasing subscription rates across all plans and tiers. So, whether you still need to see Curry Barker’s Obsession or are eager to binge all 51 seasons of SNL ahead of its fall 2026 return, we’re hooking you up with the little-known ways to save big on Peacock — or even get it for free.
Does Peacock Have a Free Trial?
Yes and no. While the service doesn’t offer a free trial directly, fans can enjoy free Peacock access through partner subscriptions, including DirecTV, Instacart+ and Walmart+. More on each option below.
Best Peacock Deals 2026: Get Peacock Free With DirecTV
Starting with the standout promotion, customers who sign up for one of DirecTV’s signature packages — Entertainment, Choice, Ultimate or Premier — can claim two months of the Movies Extra Pack + Peacock at no cost. Plus, DirecTV offers a five-day free trial for any plan, meaning new members can stream Peacock (and everything else the packages have to offer) at no cost during the trial period.
Here’s exactly how to claim the offer: Select your preferred signature package, then opt to add “Movies Extra Pack + Peacock Premium” where it instructs you to pick your add-ons. As indicated, you’ll automatically get two months of the Movies Extra Pack + Peacock included in your subscription (click here to see everything the add-on offers on top of Peacock). After two months, unless cancelled at any time, DirecTV’s Movies Extra Pack + Peacock will renew monthly at the then-prevailing rate.
Best Peacock Deals 2026: Get Peacock Free With Instacart+, Walmart+
Streamers can also get free Peacock access through partner subscriptions, including Instacart+ and Walmart+, which both include Peacock Premium in their membership. Since Instacart+ offers a 14-day free trial, members can stream Peacock at absolutely no cost during that two week period. Alternatively, Walmart+ offers a 30-day trial for $1, giving nearly free access to Peacock for one month.
Best Peacock Deals 2026: Peacock Student Discount, Young Adult Discount (Age 18-24)
For younger audiences, the NBCUniversal streamer not only offers a year-long student discount, but it also extends the same 54 percent price drop to users ages 18 to 24, officially called the Peacock Young Adult Discount. After 12 months, the plan auto-renews at the then-current annual rate. This accounts for an even larger savings than before Peacock’s Aug. 18 price hike because the student rate did not increase alongside Peacock’s standalone packages.
Best Peacock Deals 2026: Apple TV and Peacock Bundle
On Oct. 20, 2025, the Apple TV and Peacock Bundle launched, meaning customers can now bundle the two services and save. Bundle options include Apple TV and Peacock Premium ($14.99 per month), and Apple TV and Peacock Premium Plus ($19.99 per month). Since Apple TV is currently $12.99 per month on its own, these bundles represent a discount of 40-plus percent. As with the student discount, this accounts for an even larger savings than before Peacock’s Aug. 18 price hike because these bundle prices did not increase alongside Peacock’s standalone packages.
This bundle is a smart choice for Formula 1 fans as the 2026 season marks the start of F1 and Apple TV’s five-year streaming deal, where Apple TV is the exclusive U.S. home for every practice, qualifying, sprint and race.
Best Peacock Deals 2026: Mastercard
Save on a Peacock Subscription Through Mastercard
Mastercard users can also save on a Peacock subscription.
Right now, eligible World or World Elite Mastercard holders can get a statement credit of $3 per month if they pay for Peacock Premium or Premium Plus with their card. The offer expires Dec. 2027.
Best Peacock Deals 2026: Annual Subscription vs. Monthly
At the back half of 2025, Peacock added a lower-priced Select tier, now $8.99 per month (up from $7.99), which includes current seasons of NBC and Bravo shows and select shows from the broader NBCUniversal library. This is in addition to the more popular ad-supported Premium tier, now $12.99 monthly (up from $10.99), and the ad-free Peacock Premium Plus package, now $19.99 per month (up from $16.99). For the best bang for your buck, opt for the annual plans (now between $89.99 and $199.99), which offer 12 months for the price of 10. See below for more on each plan.
Peacock Plans: Premium vs. Premium Plus
Both Peacock Premium and Premium Plus packages include access to over 80,000 hours of movies and TV show episodes, including brand-new and Oscar-winning films; next-day access to NBC and Bravo series such as Love Island,Vanderpump Rules and the entire Real Housewives franchise; and both new and past seasons of Peacock original series.
Peacock Premium also has over 50 channels and live sports, including MLB Sunday Leadoff, Premier League, Sunday Night Football and WWE. It was also the streaming home of the Women’s World Cup and the U.S. Gymnastics Championship.
Peacock’s Premium Plus tier includes all of the above, plus your local NBC channel live, no ads (except on select live TV shows) and the ability to download select titles to watch offline later.
Additional Details on Instacart+
Get Peacock for Free Through Instacart
Want to get Peacock for free? If you’re looking to cut the cord and expand your binge-watching library while saving time on grocery shopping, Instacart is offering one of the best free deals on Peacock.
The ad-supported Peacock Premium plan (reg. $12.99 per month or $129.99 annually) is included for free with Instacart+ memberships, which offers unlimited free delivery on orders over $35, lower service fees, 5 percent credit back on eligible pickup orders and other perks for $9.99 per month or $99 per year with annual billing. Instacart says the service pays for itself if you order twice per month.
Instacart+ users get free access to Peacock’s ad-supported Premium plan for as long as their membership is in effect and the offer is available. The deal doesn’t apply to existing Peacock accounts, and you cannot use the offer to upgrade to Peacock’s Premium Plus, which has fewer ads.
Neutrogena, the popular cosmetics and skin care brand, has issued a statement following the death of Hayden Panettiere, who served as a spokesperson and brand ambassador for the company for nearly a decade during the height of her career. Panettiere’s death ignited widespread backlash against Neutrogena across social media due to comments the actor made about the company wanting to fire her because she had spoken up about her battle with postpartum depression.
“We are deeply saddened by Hayden Panettiere’s passing,” Neutrogena said in a post on Instagram. “For more than a decade, Hayden was a valued member of our Neutrogena community. We are proud to have partnered with her and understand that we made her feel unsupported during a very difficult time. This is not what Neutrogena stands for or who we want to be.”
The company statement continued: “Hayden’s courage in sharing her challenges helped inspire important conversations and awareness. We are making a significant investment to a long-standing community health partner to help give more women access to the support they need, including care for postpartum depression. We will share more details with this community when plans are in place.”
Panettiere alleged in her 2026 memoir, “This Is Me: A Reckoning,” and in several interviews promoting the book that Neutrogena tried to end their longterm partnership because she spoke publicly about the postpartum depression she endured after the birth of her child, Kaya. Panettiere explained on the “On Purpose” podcast that Neutrogena said discussing such a matter publicly violated their “morals clause.”
“Of all the things, too, that they would fire me over, this was the last thing I thought they would fire me over,” Panettiere said. “When I got that call that Neutrogena wanted to fire me over that, and my representative at the time said, ‘That’s illegal. You can’t do that.’ And even though she saved the day, that year, I knew that that was going to be it. I was not going to be invited back the next year.”
Panettiere’s death inspired calls on social media for a boycott against Neutrogena. The death is currently under investigation, with the DEA recently joining the probe. Police have said there were “not any signs of foul play or suspicious circumstances.”
The mayor, who is running for reelection this year, previously opposed the $111 billion deal unless it avoided loss of jobs. But in a news conference on Thursday, Bass urged Paramount Skydance and California attorney general Rob Bonta to come to a quick settlement on the antitrust lawsuit from 12 state regulators that is currently challenging the transaction.
“While there are varying perspectives on the proposed transaction, today we are united around one clear message: It is time for all parties to come to the table. The continued uncertainty is not good for workers, not good for productions and not good for the future of this industry,“ Bass said in a press conference.
Bass added, “Too many productions are at a standstill, which means Angelenos are out of a job and they’re not getting paid. As mayor, I cannot stand by as the job security of thousands of hardworking union members is being put at risk. That is why we are calling on Paramount, Attorney General Rob Bonta and all relevant parties to come together, engage directly and in good faith and work urgently to find common ground and keep our vital industry in Los Angeles.”
The remarks arrived one day after a report from the L.A. Department of Economic Opportunity and CVL Economics estimated that thousands of corporate, creative and production jobs will be at risk if the merger goes through. The report also pegged potential lost waves at $1.26 billion and lost economic value at $2.78 billion.
Her statements prompted a sharp rebuke from the Writers Guild of America West union, which is opposed to the merger and has filed its own lawsuit to stop it. “We are disappointed that Mayor Bass has chosen to join Paramount’s pressure campaign on public enforcers, to push through a merger that is being rightfully challenged as illegal and will lead to job losses in the entertainment industry,“ the union said in a statement on Thursday. “Her statement comes on the heels of a county report estimating thousands of jobs will be lost if the merger proceeds.“
The union continued, “Industry workers deserve a mayor who believes in upholding the law and protecting the working people of Los Angeles, not serving the interests of powerful corporations.”
Bass‘ remarks arrive as several major entertainment organizations have similarly called for a hasty settlement. Cinema United, the movie theater trade organization, once vociferously opposed to the merger, backed off on Tuesday and called for a settlement to avoid industry uncertainty. The previous week two unions, the Directors Guild of America and IATSE, also asked both sides of the antitrust lawsuit to come together and hash out a deal before the scheduled trial date of March 2027.
IATSE‘s political division in California previously endorsed Bass in her run for mayor, citing her frequent communication with the union and efforts to boost production in L.A.
Los Angeles Mayor Karen Bass urged California attorney general Rob Bonta and Paramount to resolve their differences and work “urgently” to find a resolution to the 12-state antitrust lawsuit that is blocking Paramount’s takeover of Warner Bros. Discovery.
“While there are varying perspectives on the proposed transaction, today we are united around one clear message: It is time for all parties to come to the table,” Bass said at a press conference Thursday.
She continued, “The continued uncertainty is not good for workers, not good for productions and not good for the future of this industry. Too many productions in L.A. are now at a standstill, which means Angelenos are out of a job and they’re not getting paid.”
Bass, a Democrat, said that any settlement among the parties “must include meaningful and enforceable commitments to keep Paramount and Warner Brothers Discovery in L.A. as well as maintaining jobs, productions and investments in L.A. and California.”
“This is not about taking sides,” the mayor said. “This is about fighting for Los Angeles, standing up for our union workers, keeping Paramount here, and protecting the future of this industry. L.A. has been home to the entertainment industry for generations, and we intend to do everything we can to keep it here.”
At Thursday’s press conference, Bass said, “As mayor, I cannot stand by while the job security of thousands of hardworking union members is being put at risk. That is why we are calling on Paramount, attorney general Rob Bonta, and all relevant parties to come together, engage directly and in good faith, and work urgently to find common ground and keep our vital industry in Los Angeles at a time when film and television production is already facing significant challenges.”
Not mentioned by Bass in her remarks: a report issued Wednesday by Los Angeles County that estimates the Paramount-Warner Bros. Discovery merger could eliminate about 4,500 film and TV jobs over three years. The report said the combination of the two companies would accelerate the downturn in L.A. production, which has already cost 52,000 jobs over the last four years.
Bass joins fellow Democrat Xavier Becerra, who is the frontrunner in the race for California governor. Becerra recently said a settlement between Paramount and the state AGs would be the best outcome in the current legal standoff. “I hope it settles” before the case goes to trial, Becerra said at a Politico conference on Aug. 11. “It is easier to stand in a conference room and settle than it is to stand in a courtroom.”
The 12 states, led by Bonta, sued in federal court in July to block Paramount’s takeover of Warner Bros. Discovery. The states allege the proposed merger will illegally reduce competition in the markets for theatrical and blockbuster films, as well as basic cable TV. Paramount agreed to pause the WBD merger until after the case goes to trial, which is scheduled for March 2, 2027. But Paramount wants to resolve the legal matter as soon as possible, not least of which is because it will being incurring a $7 million daily “ticking fee” payable to Warner Bros. Discovery shareholders starting Oct. 1 until the merger closes.
Last week, in a statement, Paramount CEO David Ellison said his company has “offered commitments and concessions and remain open to working constructively with the state AGs to find a path forward in the interest of our employees and the creative community in California and across the world.” Bonta, meanwhile, has said that the only acceptable terms of a settlement would be “structural” remedies (like divestitures or keeping certain business operations separate) rather than “behavioral” ones, such as Paramount’s pledge to release more than 30 movies to theaters with a 45-day window.
Bass on Thursday said time was of the essence to find a path to allow Paramount and Warner Bros. to merge. “We cannot afford prolonged uncertainty that delays investment, puts production on hold, and creates greater instability for thousands of workers and families,” she said. “Any resolution must put workers and the long-term health of our entertainment industry at the center.”
Bass said, “It is not by accident that L.A. is the entertainment capital. We have unparalleled talent, unlimited creativity, a skilled workforce, and the highest amount of production space in the world. Today, we are speaking up to project to protect this legacy.”
The Writers Guild of America, which also has sued to block the Paramount-Warner Bros. merger, slammed Bass’s comments. The union accusing the mayor of joining “Paramount’s pressure campaign on public enforcers.”
“We are disappointed that Mayor Bass has chosen to join Paramount’s pressure campaign on public enforcers, to push through a merger that is being rightfully challenged as illegal and will lead to job losses in the entertainment industry,” the WGA said in a statement. “Her statement comes on the heels of a county report estimating thousands of jobs will be lost if the merger proceeds. Industry workers deserve a mayor who believes in upholding the law and protecting the working people of Los Angeles, not serving the interests of powerful corporations.”
The WGA statement continued: “Paramount has created a false choice for entertainment industry workers: The company argues that enforcing antitrust law hurts us by creating uncertainty, which is of their own making as the company attempts to dominate the industry. We reject the claim that beleaguered industry workers must choose the possibility of a job today, in exchange for the certainty of job losses tomorrow.”
Variety has reached out to Bass’ office for comment.
Meanwhile, Paramount filed a motion with the court on Monday seeking to force the states and the WGA to post a $1.88 billion bond to cover the company’s losses related to the WBD merger delay. Bonta’s office said Paramount was seeking a “do-over” on its agreement to delay the Warner Bros. Discovery merger until after the antitrust trial.
Bitcoin climbed above $72,000 Thursday after gaining nearly 15% since Monday.
Analysts pointed to Treasury bond purchases, policy headlines, and a massive short squeeze as drivers of the rally.
With much of the short squeeze exhausted, analysts are watching spot demand, technical levels, and Treasury yields.
Bitcoin’s rally above $72,000 wiped out billions of dollars in bearish bets, but analysts say it will need fresh buyers to keep climbing.
Bitcoin reached its highest price since June on Thursday after gaining nearly 15% since Monday, with more than $3 billion in crypto short positions liquidated. That’s the largest liquidation of short positions on Bitcoin since at least 2021. What’s more, spot Bitcoin ETFs pulled in $517 million Wednesday, their largest single-day inflow since May.
Julio Moreno, head of research at CryptoQuant, attributed the rally to the U.S. Treasury buying long-dated government bonds, which markets interpreted as increasing liquidity, and President Donald Trump suggesting that the U.S. government could purchase Bitcoin.
“The rally may be sustainable if spot demand growth continues after the initial impact of these macro events,” Moreno told Decrypt. “Officially we are still in a bear market, so a price pull back is possible, more so after this sudden increase.”
Moreno said he is watching Bitcoin’s 365-day moving average, currently around $83,000, along with CryptoQuant’s profit-and-loss index and bull score, neither of which has turned bullish.
“To confirm that a bull market has started, I’m watching CryptoQuant’s P&L Index, specifically if it crosses its 365-day moving average to the upside, which it has still not crossed,” Moreno said. “Moreover, CryptoQuant’s bull score continues in bearish mode, so I’m waiting for it to switch into bull territory.”
Nansen Senior Research Analyst Nicolai Sondergaard said Bitcoin’s technical picture has improved after reclaiming its 200-day simple moving average around $69,000. Bitcoin also sits about 8% above its 20- and 50-day moving averages, while its MACD, a momentum indicator used to track changes in price trends, has turned bullish.
“The key line is the 200-day SMA near $69,000 and holding above it keeps the breakout valid, while a close back below would signal a failed move,” Sondergaard told Decrypt. “Above, the recent high ~$72,824 is immediate resistance.”
However, Sondergaard warned that much of the rally was driven by liquidations rather than sustained buying, leaving Bitcoin vulnerable once the short squeeze runs out. Positioning remains mixed, he said, though whales and public figures on Hyperliquid are net long by $27.9 million and $33.9 million, respectively.
“The largest risk is that this was a short-squeeze spike, not fresh sustained buying,” he said. “Once forced covering exhausts, thin follow-through can reverse quickly.”
Sondergaard said trader positioning remains mixed and warned that “any reversal in that narrative or a broader risk-off move could stall the rally fast.”
Adam McCarthy, a researcher at crypto trading firm Lo:Tech, also attributed the move to the Treasury’s expanded buyback program and the short squeeze. More than half of Wednesday’s gain occurred within a single hour as traders were forced out of a one-sided short position, he said.
“The Treasury’s buyback expansion gave the market a reason to reprice, but more than half of Wednesday’s gain came in one hour when a one-sided short position was forced out,” McCarthy told Decrypt. “That fuel is spent, so the next leg has to be bought rather than squeezed.”
McCarthy said he is watching the 30-year Treasury yield, particularly whether it moves back toward 5.3%, and crypto funding rates for signs of sustained buying.
“In crypto, whether funding starts showing a real long premium, because that’s what actual buying looks like,” he said.
McCarthy warned that the short positions that helped drive Bitcoin higher have largely been cleared.
“The short base is largely cleared and nothing has replaced it, so the move that got us here can’t repeat,” McCarthy said. “And if dealers are short gamma at $70k as we think, the hedging that exaggerated the way up exaggerates the way down.”
Bitwise Research Analyst Ishmael Asad was more bullish, calling the rally the strongest indication yet that Bitcoin has bottomed. He pointed to the Treasury’s expanded bond buybacks, the SEC’s proposed Regulation Crypto Assets framework, and this week’s White House crypto summit as catalysts.
“After this steep leg up, I wouldn’t expect the rally to continue at the same pace from here,” Asad told Decrypt. “But I would take this move as the strongest confirmation we’ve seen yet that the bottom is in.”
Asad said much of the potential downside, including the failure to pass the Clarity Act this year and possible rate hikes, has already been priced in. Still, he said a return to a bull market would require additional catalysts.
“The market will likely move sideways or higher in the coming months as we look towards the next milestones, like a potential Senate vote on Clarity in September,” he said.
CoinShares Head of Research James Butterfill also expects conditions to remain favorable, but said Bitcoin is more likely to trade within a range than enter a sustained breakout.
“The rally is primarily a macro story rather than a crypto specific one,” Butterfill told Decrypt. According to Butterfill, recent inflation and employment data have weakened expectations for further Federal Reserve tightening, while large Bitcoin holders have stopped selling and begun accumulating again.
“We expect the constructive backdrop to persist, but we would characterize the market as range-bound for now rather than in a sustained breakout, as accumulation by large holders is not yet at a scale that would imply one,” he said.
Digital asset investment products have also attracted about $1.3 billion so far this week. Still, Butterfill expects Bitcoin to remain range-bound because accumulation by large holders is not yet strong enough to support a sustained breakout.
Bitcoin’s move above its 200-day moving average has improved the technical picture, Butterfill said, with $80,000 now a key level to watch.
“On the upside, the US $80,000 area remains the important boundary, and a decisive move through it would likely require clearer confirmation from the Federal Reserve that policy risks have shifted away from further tightening,” he said.
Monetary policy, he added, remains the biggest risk, noting that persistent inflation could force the Federal Reserve to keep policy tighter for longer, reversing the liquidity conditions supporting Bitcoin’s rally.
“With accumulation by large holders still modest in scale, the market lacks the depth of conviction that typically underpins a durable breakout,” Butterfill said.
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